Boss of ESB gets €6k pay increase

The chief executive of ESB Pat O’Doherty saw his total pay packet rise by more than €6,000 as his taxable benefits increased from €9,000 to €15,000 bringing his total package to €358,950.

Mr O’Doherty was one of the few heads of semi-state companies for whom a special exemption in the Government’s pay cap regulations was made.

He receives a basic salary of €295,000 which is above the Government’s pay cap of €250,000.

He also receives pension contribution of €48,380 and additional benefits valued at €15,570.

Members of the board and the chief executive of ESB also received a €49,428 for travel expenses, more than €20,000 in accommodation, €4,000 on entertainment and nearly €20,000 in subscriptions to “business relevant organisations and publications”.

The company announced profit after tax excluding exceptional items of €415m in its annual report for 2013.

Cost-saving measures, including reducing payroll by €51m for the year and the company’s performance improvement \

project, have achieved over €250m in recurring annual savings since 2010, against a target of €280m by 2015.

The Government as the chief shareholder in the company received an interim dividend of €68.4m and also a special dividend of €161m in January 2014 out of proceeds from the sale of overseas generation assets in 2013. The board has recommended a final dividend payment of €28.8m, bringing total dividends for 2013 to €258m.

Chairman Lochlann Quinn said the company continues to compete with other energy providers.

“ESB has protected its financial strength, which allows us to continue to fund critical energy infrastructure projects, compete effectively against international players and grow our business in the integrated GB/Ireland market,” he said.