The remuneration package for the long-serving director general of the Irish Takeover Panel (ITP), Miceal Ryan, rose by 37 per cent to €256,086 this year.
The ITP’s 2022 annual report shows that Mr Ryan received €256,086 for the 12 months to the end of June 2022, compared with €187,506 for the prior year – an increase of €68,580.
Mr Ryan served as director general from April 2000 until his retirement in June 2022, and the annual report did not provide a breakdown of Mr Ryan’s remuneration package.
“There was no increase in the level of the DG’s remuneration in 2022 and there were no bonus payments made,” a spokesman said on Thursday.
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“The apparent increase in 2022 is due to payments relating to contractual pension arrangements and payments made for accrued annual leave upon retirement.”
In the annual report, chairman of the ITP James Doherty paid tribute to Mr Ryan’s “outstanding contribution” to the panel over almost 23 years as director general.
“We are delighted that he will continue to be involved with the panel as a member of the executive allowing us to retain the benefit of his expertise, judgment and experience.”
The ITP spokesman said the panel “does not receive funds from the exchequer and finances all its activities through charges on the listed companies which it regulates, by levies on trading in such listed companies and transaction fees”.
“The board of the panel sets the remuneration of the director general after taking independent professional advice.”
The ITP is responsible for monitoring and supervising takeovers of Irish-listed companies in Ireland, the most recent being Amgen’s $28.3 billion (€26.5 billion) acquisition of Horizon Therapeutics.
In August of this year, former Davy employee John Frain took up the role of director general.
The board of the ITP this year shared remuneration and fees of €206,444, ranging from €1,100 to €56,000.
The ITP recorded a surplus of €132,488 as operating income increased by 32 per cent to €1.24 million.
