ECONOMIST COLM McCarthy had already drawn it to our attention but two sets of results this week show clearly the generous remuneration given to the bosses of State-owned firms.
David Gunning, chief executive of forestry group Coillte, earned €473,000, including a bonus of €56,000 dating back to 2008.
Gunning waived his bonus for 2009. His basic salary last year was €297,000.
At An Post, chief executive Donal Connell earned €500,000 in 2010, including a basic salary of €386,000.
Connell waived his bonus, which could have hit €96,500. But he has another long-term bonus pot of €97,000 waiting to be paid.
Connell has two more years to run at An Post. The company declined to comment on whether he would be prepared to lower his salary to the €250,000 cap for semi-State bosses indicated by the last government.
These payments are no longer acceptable in the current climate.
Whether it’s Brendan Howlin, Michael Noonan or some other Minister, something should be done to address the situation.
