Bloomberg News

Bank of Ireland Chief Brian Goggin Gets 27% Pay Cut

June 10, 2008

Bank of Ireland Plc Chief Executive Officer Brian Goggin earned 27 percent less in fiscal 2008 than the year as the bank lowered bonuses.

Goggin was paid almost 3 million euros ($4.6 million) for the year ended March 31, down from almost 4 million euros in 2007, Dublin-based Bank of Ireland said in its annual report published today. The release of a deferred bonus added 841,000 euros to his compensation package this year.

Goggin's fiscal 2007 pay was boosted by bonuses totaling 2.02 million euros for meeting earnings targets and completing the bank's ``strategic transformation plan,'' which included cutting 2,100 jobs at Ireland's second-largest bank by market value.

Pay for Finance Director John O'Donovan fell 7.6 percent to 1.46 million euros. He got 452,000 euros from the release of deferred bonuses. Richard Burrows, Bank of Ireland's chairman, was paid 512,000 euros, up 6 percent.

Bank of Ireland workers are voting on taking ``limited industrial action'' next month over plans by managers to cut share bonuses to 3 percent of annual salary from 6 percent.

To contact the reporter on this story: Ian Guider in Dublin at iguider@bloomberg.net.

To contact the editor responsible for this story: Mike Anderson at manderson34@bloomberg.net.


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