Group to review semi-state chiefs pay not finalised

THE make-up of a review group tasked with examining by how much the pay of chief executives of commercial semi-state bodies should be cut by is to be finalised shortly.

Finance Minister Brian Lenihan said he had received Government approval to establish the group and would soon announce the details of its structure.

The news prompted Fianna Fáil TD Michael McGrath to call for the top bosses of commercial semi-states to be paid in the region of €200,000 a year.

This package would compare poorly alongside remuneration deals of more than double that figure currently enjoyed by the chief executives of agencies such as the VHI and the ESB.

Mr McGrath said Mr Lenihan should ensure the review group completed its work as quickly as possible as those at the top could not remain protected when ordinary workers were suffering.

“In view of the fact that the last review of chief executive remuneration in the commercial semi-state sector was in 2007 when Ireland was a very different place indeed, I believe this review should be held immediately.

“There are several chief executives of commercial state-sponsored bodies with remuneration packages of between €300,000 and €600,000 per annum.

“This is unjustified in my opinion, and I believe the minister needs to act swiftly to bring these packages to a much more realistic level to reflect the economic challenges we face as a country,” he said.

The review group will be charged with returning to many of the pay scales adopted in 2007 when the Hay Group investigated what chief executives should be paid relative to their private sector colleagues.