THE future of Bord na Mona managing director, Dr Eddie O'Connor, will be discussed by the company board early next week, in the light of the final report on his remuneration from accountants Price Waterhouse.
It is clear that many board members are unhappy with details of the remuneration package and sources say that Dr O'Connor has lost the confidence of the majority of the board.
The second Price Waterhouse report will carry full details of all Dr O'Connor's remuneration and expenses for his term in office. The accountants have already compiled a draft report, which includes details of business and personal spending undertaken by Dr O'Connor and charged to the company. However, the managing director has still to indicate his agreement with the report's contents.
Dr O'Connor's position is a matter to be finally decided by the Minister for Energy, Mr Lowry, and the Government. His original terms and conditions were agreed with the Department of Energy and the Minister of the day. The board is believed to have taken legal advice and could forward its views to the Minister on the pay issue, when directors see the final report.
At Thursday's board meeting, directors sought clarification from Dr O'Connor and Price Waterhouse on a range of items covered in the details of the managing director's remuneration package. It is understood that the directors were presented with a draft final report, but did not see much of the supplementary information which the accountants now wish to clarify with Dr O'Connor.
They are to consider all the details at a board meeting on Tuesday and the chairman, Mr Pat Dineen, has said he now wants the issue dealt with as speedily as possible.
There was no further comment from Mr Dineen or the company yesterday and Dr O'Connor could not be contacted for comment. Thursday's board meeting was adjourned after four hours to seek further clarification from Dr O'Connor on elements raised in the second Price Waterhouse report.
The first report from the accountants covered the last three years but it will now be superseded by the second report, which covers his entire term at the company.
The second report is believed to have broken down Dr O'Connor's remuneration and expenses into business related expenditure and personal items. It covers all areas of his package, including pay, vouched and unvouched expenses, and perks such as golf club membership and travel. Dr O'Connor has maintained that his package was agreed with the former chairman, Mr Brendan Halligan. Mr Dineen is to meet Mr Halligan shortly to clarify this issue.
Sources say that the next board meeting has been provisionally set for next Tuesday and that further meetings later next week cannot be ruled out.
