FBD CEO doubled her money in 2016

Back when Fiona Muldoon left the Central Bank to join FBD, she was asked why she was returning to the private sector.

“A pay cheque,” she responded. “After all, why do any of us work?”

Well, her pay cheque for 2016 was a cool €898,000, double her 2015 remuneration.

The FBD chief executive received a bonus of €315,000 on top of a basic salary of €450,000 last year. She also received €43,000 in the form of benefits relating to motor allowances and health insurance contributions, and a pension contribution of €90,000.

Muldoon joined FBD as financial director in January 2015. She was appointed interim CEO that July and took on the role formally in October of 2015. Her pay hike in part reflects her elevated role in the company. It still looks generous, considering FBD has a market value of €274m and has just returned to profit.

Former chief executive Andrew Langford, who resigned in July 2015, had a deal in place with the board and received €179,300 in 2016.

Next month sees chair Michael Berkery step down after 20 years of service. Who will replace him in the €127,000-a-year role?

If FBD wants to strengthen links with its farmer client base, it might well be Liam Herlihy, the Waterford dairy farmer and former Glanbia chair. Sean Dorgan (the former IDA chief, not the Fianna Fáil general secretary) is retiring from the board too. He received €100,000 for chairing the remuneration committee.

FBD shareholders haven’t seen a dividend for two years – and won’t this year either – but at least the ship has been righted, albeit with a 9% hike in premiums.

The FBD salary scale pales in comparison with Kerry plc. This week we learned that Stan McCarthy suffered a €613,000 drop in his total remuneration in 2016 compared to 2015.

Before starting a whip-round in the pub, dear reader, know this: his total package was still a cool €4m. That said, Kerry shareholders are not complaining – the share price is healthy.