In an email to its more than 5,000 members IMO President Dr Paul McKeown says that it had no choice but to pay a total remuneration package of €9.7 million to George McNeice who will retire in March.
The IMO’s management committee, through negotiations with McNeice’s representatives in recent weeks, managed to secure 50 per cent reduction to this figure with McNeice now departing the IMO next year with an overall settlement of €9.7 million, according to the email.
This includes a pension fund of €4.5 million, a contractual termination payment of €1.5 million and delayed pension payments of €3.75 million, which will cost €2.6 million in today’s values.
Even the elites are eating themselves up
we have turned into some money hungry dogs in this country
we really need to take a hard look at ourselves and our values