Four directors at Merc Partners share €1m pay pot

Four directors at top head hunting agency, Merc Partners last year shared a pay pot in excess of €1m.

Four directors at Merc Partners share €1m pay pot

Last year, the Dublin firm was appointed by the Department of Finance to identify candidates for the prestigious post of governor at the Central Bank, while the firm is currently involved in the search for a new director general for RTÉ.

New accounts filed by Merc Partners Ltd with the Companies Office show the firm last year recorded a profit of €48,422.

The profit for the 12 months to the end of May is down sharply from €204,869 posted in the previous year and is mainly due to expansion costs as the numbers employed at the firm grew during the year.

The firm is led by managing partner Ruth Curran. Other directors are listed as Finbarr O’Connor, John Glenny, and Kieran Duff. The directors’ remuneration last year was made up of €772,940 in pay and €248,384 in pension payments. Pay and pension payments to directors totalled €968,055, in 2014.

Minister for Finance Michael Noonan last year confirmed Merc Partners was paid €45,100 by his department in the search for the new governor of the Central Bank, as Professor Philip Lane beat off competition from 16 other candidates for the post.

The firm was also in the past employed to identify potential chiefs executive at business group Ibec and to help fill the secretary general post the Department of Finance. It was also involved in identifying candidates for the group chief executive post at Bord Gáis Eireann, as well as helping find executive directors at The Samaritans and Trócaire.

The firm last year expanded by employing an additional two staff bringing its headcount to 16, including 10 managers and administrators, three consultants, and three people working in research. The drop in profit at the firm comes as staff costs last year increased by €176,000 to €1.769m.

The company’s accumulated profits last year increased from €943,162 to €1.042m, and its cash pile increased from €485,342 to €555,758. Shareholder funds at the end of May stood at €1.058m.

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