Bord na Móna and Bord Gáis bosses to forego bonuses
Bord na Móna CEO Gabriel D'Arcy and Bord Gáis boss John Mullins are each foregoing performance-related bonuses for 2010 and 2011.
Mr Mullins will also give up his bonus in 2012 and will reduce his salary to €250,000 per year, a 15% salary reduction from his contractual salary of €294,000.
"In total, this means that Mr Mullins will forego an earnings potential of approximately €280,000 until the conclusion of his contract at end of 2012," a statement on his behalf said today.
2007: No payment
2008: No payment
2009: €50,000 paid for the achievement of specific performance related targets in 2008
2010: €60,000 paid for the achievement of specific performance related targets in 2009
2011: Decision to forgo bonus in relation to 2010
2012: Decision to forgo bonus in relation to 2011
2013: Decision to forgo bonus in relation to 2012
Mr Mullins’ contract is due to expire in December 2012.
Bord na Móna CEO Gabriel D'Arcy said: "It is vitally important that there is a clear and singular focus on driving performance in the commercial semi-state companies and there is an urgent need for the Government to agree a clear unambiguous system of remuneration that drives performance.
"Government policy ought to reward performance and innovation so that we can attract, retain and motivate top quality people to deliver real results for our shareholders. We look forward to engaging with Government on how we can jointly develop a system that delivers enhanced performance across the semi-state sector."
