Labour TD: Mr Boucher needs 'shot across the bow' on salary

A Labour party TD is urging the Finance Minister Michael Noonan to exercise his right to vote on the pay of Bank of Ireland chief executive Richie Boucher.

Shareholders will vote on the remuneration package for Mr Boucher at the bank’s AGM today.

The Chief Executive has received more than €800,000 in earnings, even though the Government has put a cap on salaries at €500,000.

Five Labour TDs have asked Minister Noonan to represent the State's 15% shareholding in the bank and vote against the package, but the Government has rejected the call.

One of the five TDs involved, Arthur Spring, said the Government needs to do all it can to represent public sentiment on the salaries of bankers.

Mr Spring said: "When they see a poster boy for the banking system that created the collapse, to turn around and he is getting an increase in wages and we have an opportunity to exercise our 15% voting rights today.

"We probably wouldn't get our way, but I think it is important to show that we are aware of what's rtight and what's wrong.

"Mr Boucher himself needs to have a shot across the bow to do the morally correct thing on this."