The Independent Review Panel was established by then minister for finance Paschal Donohoe in March 2022 and was tasked with examining the existing process for recruiting top management in the public sector and the mechanisms for determining pay and conditions for senior posts.‘There’s 30 Irish people in Brandon, Canada.
It suggested that the salary ranges that were in place before the crash in 2008 should be reinstated; that there should be an external review of the commercial State sector every three or five years which would place companies in a particular band and that internally the chairman and the board would have the flexibility to set a competitive remuneration package for the chief executive.
Airport operator DAA said an independent review should be established by the Department of Public Expenditure to carry out an annual benchmark of chief executive salary rates which would take account of revenue, employee numbers, diversity and complexity of the company as well as “geographic breadth” in determining annual revisions of pay rates.
“Remuneration restrictions mean that we are competing for the same talent that others are competing for without the same restrictions. It is vital for the long-term sustainability of VHI and to allow us to execute our business strategy that we are able to attract and retain the people we need to run and develop the business.”