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More than 150 staff at airport operator Daa earned over €150,000 last year

More than 150 staff at airport operator Daa earned over €150,000 last year

Irish Times03-06-2025
A total of 152 staff at the State-owned airport operator
Daa
earned above €150,000 each last year, figures show.
Official figures also reveal the chief executive at the group, which runs Dublin and Cork airports and other subsidiaries, is not the organisation's highest-paid staff member in 2024.
Last year one unnamed person had total remuneration of between €475,000 and €500,000. The company's chief executive Kenny Jacobs received a total package of €374,830.
In a statement, Daa said it was a commercial business that received no public funding. It said it had to compete internationally for key personnel.
READ MORE
Eamon Ryan
, then minister for transport, set out remuneration levels for the top earners at Daa in an appendix to a submission sent last summer to a government-appointed pay review for chief executives of commercial state companies.
Mr Ryan's submission, which has been released by the
Department of Transport
, were based on figures for 2023.
Those figures showed three staff were paid more than the chief executive, who that year received total remuneration of €347,457. The three were paid between €350,000 and €375,000.
The document showed 137 personnel received total remuneration of more than €150,000 each in 2023.
Mr Ryan's submission to the senior posts remuneration committee said that 3,864 personnel at Daa group earned less than €50,000, although this included part-time staff.
He said remuneration for CEOs varied across international competitors in the aviation sector.
Mr Ryan noted the head of Fraport, which runs Frankfurt Airport and has contracts at 30 others worldwide, had a total package of €1.65 million while the head of Aena, the state company that manages 46 airports in Spain, was paid €186,575 in 2023.
Daa's annual report for 2024 showed 152 people received €150,000 or more last year.
In addition, 88 employees were paid between €125,000 and €150,000, while 187 earned between €100,000 and €125,000.
The company said: 'The State does not fund the remuneration of Daa staff, as Daa operates as a commercial business and receives no public funding.
'Aviation is a global industry and Daa competes for talent against other international airports and aviation businesses, as well as international retailers.
'Daa is a multinational commercial enterprise with operations in 14 countries across four continents, with several CEOs and management teams.'
The annual report said Mr Jacobs received total remuneration of €374,830 last year – up from €347,457 the previous year. It said this figure included basic salary of €284,235 and pension contributions and other taxable benefits of €90,595 . It said Mr Jacobs did not receive a director's fee.
Last month the Cabinet accepted many of the recommendations of the senior post remuneration committee.
Minister for Public Expenditure Jack Chambers said the upper limit on any proposed package would be the market rate .
However, there would be no backdating of any increases to May 1st of last year, another committee recommendation, and no reintroduction of performance-related bonuses worth up to 25 per cent of salaries, which was also proposed.
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‘The stress is inhumane': Second Dublin council pauses scheme to buy homes of tenants at risk of homelessness
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‘The stress is inhumane': Second Dublin council pauses scheme to buy homes of tenants at risk of homelessness

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Does it make sense to hold onto my husband's bank shares and his stockbroker account?
Does it make sense to hold onto my husband's bank shares and his stockbroker account?

Irish Times

time4 hours ago

  • Irish Times

Does it make sense to hold onto my husband's bank shares and his stockbroker account?

I know that you have done your best to try to explain the misery that befell many of us when the banks were taken over by the Government. But some of us are remedial and still don't quite understand where we now stand. My late husband worked in AIB and had his life's savings in AIB shares. (For safety he diversified into equally 'safe' BOI shares!). I recall that, before the crash, his AIB shares were worth about €450,000. They were held with Goodbody's . I don't know why. My December 2024 statement states that, as of now, I have close to €25,000 invested roughly evenly across the two big banks. READ MORE Last month, I paid an annual charge of €701,61 to Goodbody's (Cumulative Effect of Costs and Charges on Returns), of which €501,61 was in non-Goodbody charges My questions are as follows: Should I close this account with Goodbodys since I have never done – and don't plan to do – any trading. Is there any point in hanging on to these shares in the hope that, when the banks are making millions again, they might feel sorry for those of us who lost everything and offer some kind of compensation? In fairness, AIB continues to pay my widow's pension. Ms J.R. The first rule in making sense of investments is understanding what you are paying for the opportunity of gain. Charges can fundamentally affect your return so it is important to get a proper fix on them. I get the sense you're not too sure why you are paying the amount you are paying Goodbody's to manage this portfolio of shares and cash. I've spoken to Goodbodys who, no more than their rivals, can be difficult o tie down on the question of fees. To their credit, they have suggested you contact them directly so that they can walk you through exactly what the charges are and for what service. As usual, I have not given any of your identifying details to them as I did not have your explicit permission to do so but they tell me they have offered an experienced person on standby to deal with you directly on this matter. I'll pass those details on to you. Charges aside, there are a couple of big issues here. First, should you hold on to the shares and second, should you continue to hold an account with Goodbody's or any other broker? Let's take those in reverse order. You have kind of answered the second question with your assertion that since your husband died and you inherited these shares, you have never done – and do not plan to do – any trading. There is no obligation to hold your shares through a broker although you will need to engage a broker should you ever decide to sell them. These days, shares are 'dematerialised'. This means that any paper share certificates you hold – which used to be the legal proof of ownership – are now worthless. Instead, details of your shareholdings are held in electronic form by the 'registrar', the company that manages the list of shareholders for each of these banks. In this case, a company called Computershare is share registrar for both banks. You can keep track of your shares and any dealings in them by registering with Computershare here for access to their online investor centre. You'll need very basic details – your unique shareholder reference number for each shareholding – which you should be able to find on communications from the companies, or from Goodbody. The key thing here is that you do not need to hold your shares through a stockbroker and, if you are not trading in shares, it makes little sense to be paying annual charges for the privilege – never mind over €700. Based on the current value of your account, as outlined in your query, the Goodbody's annual charge amounts to over 2.75 per cent, which certainly strikes me as very high, especially for an account with no activity. I cannot think of an explanation Goodbody's could provide that would make this a sensible proposition for you. Unless you plan to sell the shares now given you already appear to be paying Goodbody for the service, I would pull the plug on the Goodbody account and keep track of the shares through the Computershare Investor Centre. If you do want to sell later, you can always 'shop the market' to see who will sell them for you at the lowest charge. That brings us to the other issue – should you hold on to these shares at all? As an AIB lifer, it is not entirely surprising – if not exactly sensible – that he invested heavily n the bank's shares. Back then, he may have been able to do so at preferential rates or through some employee share programme. He was correct that it made sense to diversify given the concentration of his investment. I have no idea if he took advice at that time but the notion of diversifying from having all your investments in one bank stock by investing in the State other large listed back was mad even back then. All his eggs were still in the banking basket and we all know what happened there. People like your husband saw their savings effectively go up in smoke. In AIB's case, quite apart from the bank bailout that saw the value of his shareholding crash, he also went through the one for 250 share consolidation in 2015 that knocked a further 75 per cent of the value of his savings. In the case of Bank of Ireland, in 2017, it gave shareholder one new share for every 30 previously held but, of course, it too saw the value of existing investors' shareholdings decimated by the post-crash bailout. 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And, to be fair to them, that is the nature of stock market investment. It carries risk – hence the good sense in diversification – and when things go wrong, shareholders will find themselves at the bottom of the pecking order when it comes to people being taken care of. That is the reality of shareholder investment. Investing in Ireland's banks used to be considered almost as good as investing in government bonds, with dividend income as icing on the cake. The crash reminded us not to take such things for granted. And much and all as investors must take responsibility for their own risk, I would not be giving AIB any credit for paying your widow's pension. That is part of the Ts & Cs of your husband's occupational pension scheme - not some munificence on the part of the bank. Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street, Dublin 2, or by email to , with a contact phone number. This column is a reader service and is not intended to replace professional advice

Cork-Limerick motorway will have 'devastating consequences' for farmland, claims group
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