The average basic pay of the state’s CEOs is euro 759,000. The average Irish worker earns about euro 24,518.
The top 10 earned 31 times the average industrial wage. When bonuses are included in CEO pay, the ratio jumps to 58 times the average industrial wage.
Top earner is Michael Smurfit at euro 4,412,322, followed by Sean Fitzpatrick of Allied Irish banks, who made euro 2,153,000. Third was Michael Soden of Bank of Ireland at euro 1,980,000. A surprising fourth was Donal Geaney, the now ex-CEO of troubles pharmaceutical giant Elan. He earned euro 1,540,531.
Tony O’Reilly was ninth with euro 876,000. The magazine stressed that these were total earnings including bonuses.