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| Ryanair’s CEO, Michael O’Leary
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Ryanair today issued an "apology" to David Begg, Head of ICTU and a non-executive director of Aer Lingus Group PLC. In an interview on Matt Cooper’s The Last Word programme last evening, Ryanair’s Michael O’Leary mentioned that Mr Begg as a non-executive director of Aer Lingus was enjoying an non-exec directors fee of €75,000 which is more than twice the average industrial wage (€30K).
Ryanair said it accepts this figure was mistaken because the board of Aer Lingus last year increased directors’ fees by 150% from €17,500 pa to €45,000 pa (not €75,000). Michael O’Leary wishes to apologise "sincerely to Mr Begg", and is happy to correct this figure which, at €45,000 is just 1½ times (not twice) the average industrial wage of €30K.
Ryanair’s CEO, Michael O’Leary said today:
“I sincerely apologise to David Begg that I quoted the wrong figure last night in a radio interview. Upon mature reflection I now accept that David Begg’s non exec directors fee at Aer Lingus is €45,000 (not €75,000) and is 1½ times (not twice) the average industrial wage. These fees are amongst the highest paid to non-exec directors of any Irish PLC’s.
“It is entertaining however, to listen to Mr Begg lecture the government, employers and everybody else about “fat cat” pay when his non exec director’s fees at Aer Lingus are one and a half times the average industrial wage, and have risen by 150% in the last 12 months. Perhaps Mr Begg should start with his big fat Aer Lingus directors’ fees before he starts lecturing anybody about “fat cat” pay. Since Mr Begg has his snout firmly buried in the directors fee trough at Aer Lingus, perhaps he should be included among the fat cat directors he’s so fond of criticising”.
