VHI chief pays price of failure to meet target

THE failure of the VHI to meet regulatory requirements cost its own chief executive at least €104,458 in salary and benefits last year.

Jim Tolan was hired in 2008 on a package worth €520,000-a-year, including a €148,512 bonus, €74,256 pension, but excluding a €25,000 car allowance.

His contract had a clause to allow this to be increased to €624,250 on the “strict condition” the state body met its target of becoming an authorised insurer with the Financial Regulator before January 1, 2009.