A chara, – Michael O’Leary is right with regard to the excessive fees paid to non-executive directors in Aer Lingus (“Ryanair puts Minister on spot over Aer Lingus”, May 30th).
The same holds for other private and public companies. In relation to the banks, for instance, these non-executive directors have presided over the dramatic downturn of bank profits and have been paid handsomely for it.
They should forfeit the outlandish fees they are paid for attending a handful of meetings and return the money to the banks. One gentleman in Irish Life Permanent received €75,000 for attending four meetings (According to the annual report, 2008). How can anyone stand over such payments? Is this the business of banking? Between them all nine non-executive directors received €934,000 in 2008.
Their fellow non-executive directors in Bank of Ireland pocketed €900,000 for the same period. Just think how many members of ISME (I am not a member) could be helped to get over cash flow problems by being given loans of between €5,000 and €10,000?
So what about it, ladies and gentlemen non-executive directors? Can we “bank” on your co-operation so that banks return to the business of banking? – Is mise,