CHIEF EXECUTIVE of Coillte David Gunning, has announced he will take a voluntary pay cut of 15 per cent, two days after being singled out by Taoiseach Enda Kenny for criticism. Speaking on Saturday night, Mr Kenny said he was “very disappointed” Coillte had yet to accede to the Government’s request to chief executives of State companies who earned salaries in excess of €250,000 to take the reductions in salary.
The request was made by Minister for Public Expenditure Brendan Howlin last June to chief executives who were earning more than the new caps imposed by the Government on executive pay in the public sector. Mr Gunning was the only one of eight chief executives who had not stated his intention to waive his salary as of last weekend. His basic salary in 2010 was €297,000 but his total package came to €473,000.
In a statement yesterday, Coillte said Mr Gunning had decided to waive 15 per cent of his salary. “At no stage did the chief executive decline to accept the proposed voluntary waiver. Coillte has consistently indicated that no decision had previously been made on the matter, which has been under consideration for some time.”
Mr Gunning’s total package for 2010 was €473,000, including pension payments and a €56,000 bonus from 2008 that was deferred from 2009 because of difficult trading conditions that year.
“This performance-related pay had been deferred from 2009 due to the prevailing economic conditions. The board decided to pay it in 2010 given the significant improvement in the performance of the business in 2010 and its contractual obligations to the chief executive,” said a spokesman.
