EXECUTIVE DIRECTORS at Allied Irish Banks (AIB) shared remuneration of €2.5 million in 2009, a reduction of 26 per cent on the previous year, according to filings with the Securities and Exchange Commission in the US.
Former AIB chief executive Eugene Sheehy received a package of €892,000 from the start of the year until his retirement from the bank last November. His basic salary was €638,000 and he received €196,000 related to pension contributions. This compared with €1.15 million a year earlier.
Colm Doherty, who took over as managing director in December, was the second highest paid executive at AIB, receiving €833,000 for 2009, which included a basic salary of €622,000. He was paid €822,000 the previous year.
Mr Doherty, who was previously head of AIB Capital Markets, has since agreed to take a salary cut to €500,000 in line with the Government’s pay cap for bankers.
Dermot Gleeson, the bank’s former chairman who stepped down last June, received €203,000 pay, compared with €475,000 the previous year. AIB’s non-executive directors shared fees of €970,000 in 2009, compared with €1.5 million in 2008.
Donal Forde, formerly head of AIB’s Republic of Ireland division, was paid €295,000 for his role as a director. Mr Forde was paid total remuneration of €776,000 the previous year. He stepped down from the board of the bank after his division posted a loss in 2008 as a result of a bad loan charge of €1.3 billion. Dan O’Connor received €187,000 in 2009, including €31,000 as executive chairman for the final six weeks of the year.
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