Professional Documents
Culture Documents
Order by FY -----------Name Total Over 10 -Years Denis Casey 9,998,000 Incl Payment in lieu - 1,249,000 Peter Fitzpatrick 7,098,000 Incl Payment in lieu - 540,000 Kevin Murphy 6,132,000 David McCarthy 549,000 David Went 6,626,000 Brian McConnell 1,970,000 Harry Lorton 566,000 Billy Kane 190,000 Gillian Bowler 1,834,000 Breffni Byrne 665,000 Bernard Collins 47,000 Danuta Gray 438,000 Margaret Hayes 143,000 Eamonn Heffernan 506,000 Roy Keenan 356,000 Sandy Kinney 19,000 Ray MacSharry 127,000 Liam O'Reilly 130,000 Pat Ryan 68,000 Finbar Sheehan 597,000 David Byrne 274,000 Kieran McGowan 491,000 Philip Lynch 126,000 Roy Douglas 638,000 Monthy Hilckoitz 98,000 Richard Hooper 98,000 Patrick Kenny 98,000 Patrick O'Neill 118,000 Muriel Scorer 98,000 John Burke 15,000 Neville Bowen 15,000 Michael Donnelly 19,000 Brendan Halligan 15,000 Conor McCarthy 15,000 40,177,000
Role Executive Executive Executive Executive Executive Executive Executive Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive
TOP SCORES FOR EARNINGS - (EXCL PENSION AND SHARES) at Irish Life & Permanent PLC - from 2001 - 2010 -------------"Highest-Paid" Order -----------Role Name Total Over 10 -Years Executive Denis Casey 9,998,000 Incl Payment in lieu - 1,249,000 Executive Peter Fitzpatrick 7,098,000 Incl Payment in lieu - 540,000 Executive David Went 6,626,000 Executive Kevin Murphy 6,132,000 Executive Brian McConnell 1,970,000 Non-Executive Gillian Bowler 1,834,000 Non-Executive Breffni Byrne 665,000 Non-Executive Roy Douglas 638,000 Non-Executive Finbar Sheehan 597,000 Executive Harry Lorton 566,000 Executive David McCarthy 549,000 Non-Executive Eamonn Heffernan 506,000 Non-Executive Kieran McGowan 491,000 Non-Executive Danuta Gray 438,000 Non-Executive Roy Keenan 356,000 Non-Executive David Byrne 274,000 Executive Billy Kane 190,000 Non-Executive Margaret Hayes 143,000 Non-Executive Liam O'Reilly 130,000 Non-Executive Ray MacSharry 127,000 Non-Executive Philip Lynch 126,000 Non-Executive Patrick O'Neill 118,000 Non-Executive Monthy Hilckoitz 98,000 Non-Executive Richard Hooper 98,000 Non-Executive Patrick Kenny 98,000 Non-Executive Muriel Scorer 98,000 Non-Executive Pat Ryan 68,000 Non-Executive Bernard Collins 47,000 Non-Executive Sandy Kinney 19,000 Non-Executive Michael Donnelly 19,000 Non-Executive John Burke 15,000 Non-Executive Neville Bowen 15,000 Non-Executive Brendan Halligan 15,000 Non-Executive Conor McCarthy 15,000 40,177,000
Total 10-Year Earnings Paid to Executive and Non-Executive Members of the Board of Irish Life Permanent
McC onne ll k McC arthy
itzpa tric
Bow ler
Harr y Lo rton
Case y
Colli ns
hy
Gray
Davi d We nt
Bern ard
Pete rF
Danu ta
Billy K
Gillia n
Executive PAY 2010 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 1,070,000 2009 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 6,551,000 2008 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 2,889,000 2007 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 3,783,000 2006 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 3,307,000 2005 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension
Non-Executive Pay
497,000
500,000
200,000
84,000
47,000
56,000
34,000 4,000
31,000 4,000
722,000
538,000 515,000
35,000 483,000
200,000 200,000
84,000 103,000
47,000
56,000 69,000
33,000 196,000
27,000 4,000
812,000
514,000
200,000 288,000
103,000 113,000
69,000 78,000
934,000
524,000
288,000 320,000
113,000 127,000
78,000 78,000
12,000 7,000
909,000
320,000 300,000
127,000 129,000
78,000 75,000
823,000
300,000 240,000
129,000 84,000
75,000 63,000
12,000 1,000
Page 3
Marg a
Deni s
Kevi n
Davi d
Bria n
ret H a
Murp
ane
yes
Total 10-Year Earnings Paid to Executive and Non-Executive Members of the Board of Irish Life Permanent
McC onne ll k McC arthy
itzpa tric
Bow ler
Harr y Lo rton
Case y
Colli ns
hy
Gray
Davi d We nt
Bern ard
Pete rF
Danu ta
Billy K
Gillia n
Executive PAY Shares taken up Benefit 3,256,000 2004 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 3,225,000 2003 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 3,022,000 2002 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 2,964,000 2001 Salary (or Non-exec Fees) Pay in Lieu Annual Bonus Benefit-in-Kind Other Remuneration Tf Value of Pension Shares taken up Benefit 3,062,000
240,000 155,000
84,000 25,000
63,000 19,000
541,000
155,000 55,000
25,000
19,000
595,000
55,000 39,000
12,000
491,000
39,000 37,000
527,000
425,000
493,000
393,000
817,000
386,000
358,000
190,000
37,000
33,129,000 40,177,000
7,048,000
9,998,000 40,177,000
7,098,000
6,132,000
549,000
6,626,000
1,970,000
566,000
190,000
1,834,000
665,000
47,000
438,000
Page 4
Marg a
Deni s
Kevi n
Davi d
Bria n
ret H a
Murp
ane
yes
Total 10-Year Earnings Paid to Executive and Non-Executive Members of the Board of Irish Life Permanent
McG owan Mon thy H ilcko itz
Shee han
ret H ayes
d Ho oper
ry
a Gr ay
Phili p Ly nch
Davi d By rne
Scor er
Kinn e
enan
ugla s
Pat R yan
Ray Ma
Roy Do
Roy Ke
Patri ck
Patri ck
Burk e
64,000
25,000
83,000
19,000
56,000
25,000
63,000
64,000 77,000
25,000 78,000
83,000 95,000
19,000 -
56,000 69,000
25,000 78,000
63,000 5,000
38,000
77,000 2,000
78,000 85,000
95,000 85,000
69,000 2,000
78,000 27,000
5,000
38,000 102,000
75,000
77,000
2,000
85,000 78,000
85,000 77,000
2,000
27,000
102,000 78,000
75,000 68,000
77,000 83,000
78,000 75,000
77,000 16,000
78,000 83,000
68,000 65,000
83,000 80,000
75,000 63,000
16,000
83,000 94,000
65,000 63,000
80,000 63,000
24,000
Page 5
Nevi lle
Kiera n
Rich ar
Finb ar
Sand y
Marg a
Murie l
John
Bow en
cSha r
O'Ne ill
Kenn y
Total 10-Year Earnings Paid to Executive and Non-Executive Members of the Board of Irish Life Permanent
McG owan Mon thy H ilcko itz
Shee han
ret H ayes
d Ho oper
ry
a Gr ay
Phili p Ly nch
Davi d By rne
Scor er
Kinn e
enan
ugla s
Pat R yan
Ray Ma
Roy Do
Roy Ke
Patri ck
Patri ck
Burk e
63,000 57,000
94,000 73,000
63,000 3,000
63,000 57,000
24,000 57,000
95,000
57,000 45,000
73,000 64,000
3,000
57,000 55,000
57,000 45,000
95,000 215,000
22,000
22,000
22,000
28,000
22,000
45,000
64,000 39,000
55,000 39,000
45,000
215,000 169,000
22,000 39,000
22,000 39,000
22,000 39,000
28,000 49,000
22,000 39,000
39,000 26,000
39,000 37,000
169,000 159,000
39,000 37,000
39,000 37,000
39,000 37,000
49,000 41,000
39,000 37,000
15,000
26,000
37,000
159,000
37,000
37,000
37,000
41,000
37,000
15,000
143,000
506,000
356,000
19,000
127,000
130,000
68,000
597,000
274,000
491,000
126,000
638,000
98,000
98,000
98,000
118,000
98,000
15,000
Page 6
Nevi lle
Kiera n
Rich ar
Finb ar
Sand y
Marg a
Murie l
John
Bow en
cSha r
O'Ne ill
Kenn y
Total 10-Year Earnings Paid to Executive and Non-Executive Members of the Board of Irish Life Permanent
Cono r Mc Cart hy allig a
Burk e
onne lly
Mich ael D
Bren dan H
Page 7
Total 10-Year Earnings Paid to Executive and Non-Executive Members of the Board of Irish Life Permanent
Cono r Mc Cart hy allig a
Burk e
onne lly
15,000
Mich ael D
19,000
Bren dan H
15,000
15,000
15,000
19,000
15,000
15,000
15,000
19,000
15,000
15,000
Page 8
Reports: 2010-11
http://www.irishlifepermanent.ie/investor-relations/reports-and-presentations/presentations/2011.asp Senior management KevinMurphyGroup Chief Executive Appointed Group Chief Executive in June 2009. An actuary and an employee of Irish Life since 1972 DavidMcCarthyGroup Finance Director Appointed to the Board of Irish Life & Permanent in March 2009, prior to this appointment he was G DavidGuinaneChief Executive permanent tsb He was appointed to his current position of Chief Executive - permanent tsb in November 2007.
BillHannanGroup Head of Risk & Compliance Appointed to his current position in 2009. Prior to this Bill was Group Head of Compliance, and, Chie
DavidHarneyChief Executive Irish life Corporate Business David joined Irish Life in 1986 and has worked in various roles in Corporate Business since 1998. D
GerryHassettChief Executive Irish Life Retail Gerry has been Chief Executive of Irish Life Retail since 2007. He joined Irish Life in 1987 where he BrendanHealyGroup Chief Information Officer Brendan has been the Groups Chief Information Officer since 2004. Tony HessionGroup Head of HR and Organisation Development Joined Irish Life & Permanent in his current role in 2007.
GerryKeenanChief Executive Irish Life Investment Managers Gerry has been Chief Executive of Irish Life Investment Managers (ILIM) since 2005. Prior to this Ge DervlaTomlinChief Actuary Board Committees Audit Breffni Byrne (Chairman) Margaret Hayes Roy Keenan Pat Ryan
Remuneration and Compensation Danuta Gray (Chairman) Alan Cook Ray MacSharry Pat Ryan
2010
Directors: Gillian Bowler (Chairman) Kevin Murphy David McCarthy Breffni Byrne
Bernard Collins Danuta Gray Margaret Hayes Roy Keenan Sandy Kinney Ray MacSharry Pat Ryan
Total group earnings, albeit still negative, improved significantly for the period, with a los equity holders of 141m (2009: 313m loss).
Directors The names of the directors are listed in the Company Information section of this report. B to the board in March 2010 as a non-executive director. Eamonn Heffernan and Liam O the board in May 2010 at the companys Annual General Meeting. Sandy Kinney was co August 2010 as a non-executive director. Gillian Bowler, Breffni Byrne and Danuta Gray at the 2011 AGM and will not offer themselves for re-appointment. All other directors will and, being eligible, will offer themselves for re-appointment by election. Details of the dir interest in the share capital of the company and of transactions involving directors are se parties to the financial statements. None of the directors service contracts have notice p months. Loss after tax attributable to owners of the parent (141) (313)
These committees are the Audit Committee, the Risk and Compliance Committee, the Remuneration and Compensation Committee and the N
The amount of fees paid to external auditors for audit fees was 1.7m (including VAT) pa 1.6m (including VAT) was payable to KPMG Ireland and 0.1m (including VAT) was pa affiliates. 0.6m (including VAT) was paid to KPMG Ireland for other assurance services VAT) was paid in respect of tax advisory services and non-audit services (1.2m (includi and 0.3m (including VAT) to KPMG overseas affiliates).
Risk and Compliance Committee The Risk and Compliance Committee comprises Pat Ryan (Chairman), Breffni Byrne, Be and Sandy Kinney. The Group Board ensures that the chairman of the committee has re and / or compliance experience
Audit Committee The Audit Committee comprises Breffni Byrne (Chairman), Margaret Hayes, Roy Keenan
The Remuneration and Compensation Committee comprises Danuta Gray (Chairman MacSharry and Pat Ryan.
Nomination Committee This committee comprises Gillian Bowler (Chairman), Breffni Byrne, Danuta Gray, Roy K MacSharry. The committee is charged with responsibility for bringing recommendat appointment of new directors.
The group has in place a Speaking Up (or "whistle-blowing") Policy, work with or for the group, to raise any concerns they may have about suspected wrongd
Basic salary The basic salary is reviewed annually having regard to competitive market practice and G No increases in basic salary were granted to executive directors in 2010.
Benefits Executive directors are entitled to a company car or a car allowance. on behalf of the executive directors and their families. In addition, executive directors ma house purchase loans.
2009 Directors: Gillian Bowler (appointed 12 October 2009) Breffni Byrne (appointed 12 October 2009) Danuta Gray (appointed 12 October 2009) Margaret Hayes (appointed 12 October 2009) Eamonn Heffernan (appointed 12 October 2009) Roy Keenan (appointed 12 October 2009) Ray MacSharry (appointed 12 October 2009) David McCarthy (appointed 30 September 2009) Kevin Murphy (appointed 30 September 2009) Liam O'Reilly (appointed 12 October 2009) Pat Ryan (appointed 15 December 2009) Bernard Collins (appointed 02 March 2010) Secretary: Ciarn Long (appointed 29 September 2009)
Denis Casey retired from the board on 28 February 2009. Denis Caseys employment te 2009; salary payments are included up to this date. In addition to salary Denis Casey rec lieu of notice 1,249,000 in accordance with his contractual entitlements.
2008
2007
2006
The board is very optimistic about the outlook for the group
A year of outperformance 2006 was another year of great success for the group with each of our core businesses outperforming their respective markets. Operating profits were strong in both the life and banking businesses and operating earnings per share, reported on an embedded value basis, increased by 31% compared to 2005. This is a tremendous result and management and staff deserve our congratulations and thanks for delivering this performance.
2005
2004
The groups performance is firmly set in the context of its Ireland First strategy
Corporate Governance The group is committed to maintaining the highest standards of corporate governance and we are committed to ensuring that a culture of compliance is embedded within all of our business units and activities. 2004 saw the group deliver another very satisfactory performance. Total profits after tax were ahead 57% to a411.2m compared to a261.8m. Credit Risk Management Credit risk throughout the group is approved and managed in line with a set of clearly defined policy statements, which have been approved by the board. Credit activities are monitored and controlled by the Group Credit Committee which is chaired by the Chief Executive of permanent tsb and comprises members of senior management (including executive directors). The Group Credit Committee is responsible for developing and implementing credit policy within the context of the overall credit policy approved by the board. The group credit policy statement provides for tiered levels of discretion with regard to acceptance of credit exposures. All exposures above a certain level
require the approval of either the board or the Group Credit Committee, depending on the size of the exposure. Individual discretion limits are set by reference to the extent of the individual's experience, proven competence and the nature and scale of lending undertaking in the relevant business units. Lending proposals above individual discretion limits are referred to business unit credit committees, the Group Credit department, Group Credit Committee or the board, as appropriate.
2004
2004
2003
2003
2003
2002
2001
2000
1999
entations/presentations/2011.aspx
n employee of Irish Life since 1972, he was appointed a main Board Director following the merger of Irish Life and Irish Permanent in 19
rior to this appointment he was Group Financial Controller since the merger of Irish Life and Irish Permanent in 1999.
up Head of Compliance, and, Chief Operating Officer Irish Life Retail. Before the merger of Irish Life and Irish Permanent in 1999, he
joined Irish Life in 1987 where he enjoyed a variety of roles in the sales and marketing area, most notably the development of the Grou
(ILIM) since 2005. Prior to this Gerry was responsible for development of ILIM's investment services and for client portfolio managemen
nformation section of this report. Bernard Collins was coopted . Eamonn Heffernan and Liam OReilly retired from al Meeting. Sandy Kinney was co-opted to the board in r, Breffni Byrne and Danuta Gray will retire from the board ppointment. All other directors will retire at the 2011 AGM ment by election. Details of the directors and secretarys sactions involving directors are set out in Note 53, Related s service contracts have notice periods exceeding 12
ees was 1.7m (including VAT) payable to KPMG, of which nd 0.1m (including VAT) was payable to KPMG overseas and for other assurance services and 1.5m (including non-audit services (1.2m (including VAT) to KPMG Ireland
yan (Chairman), Breffni Byrne, Bernard Collins, Roy Keenan chairman of the committee has relevant risk management
reffni Byrne, Danuta Gray, Roy Keenan and Ray ility for bringing recommendations to the board regarding the
owing") Policy, which allows all staff and other people, who may have about suspected wrongdoing within the group,
car allowance. The group also pays private health insurance n addition, executive directors may avail of subsidised
09. Denis Caseys employment terminated on 14 May addition to salary Denis Casey received a payment in ctual entitlements.
140k
30 21.01
125834 8195
success for the group s outperforming their ofits were strong in sses and operating an embedded value ed to 2005. This is a ment and staff deserve or delivering this
ed to maintaining the highest e governance and we are g that a culture of compliance is of our business units and
manent in 1999.
and Irish Permanent in 1999, he was Managing Director and Actuary of Irish Progressive Life Assurance Company.
nce Company.
PAY
2010
Ref 1 2 3 4 5 6 7 8 9 10
Notes Shows excess level of basic pay since 2001 ? Who set these levels and why? Bonus set at up to 50% of basic - Why ? Digraceful and immoral! Bonues' were really set as standard payments - should be banned Excludes Cost of Pensions - defined benefit schemes - more benefits for what ? Excludes realised gains on Share options Need to map real value of company tp Payouts Analysis of Pay and Benefits % growth yr-on-yr Map these levels vs Current ceiling on Public Pay for Senior Executives Which Executives added negative worth during their tenure? What amounts can be recovered for not carrying out fiduciary duties? Sue for not carrying out fiduciary dutiws.theft ???