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Displaying items by tag: Chief executive pay

The pay package of Irish Continental Group’s chief executive, Eamonn Rothwell has jumped almost 250 per cent to €2.9 million last year, as the parent company of Irish Ferries, operating Ireland-UK routes and between Ireland and France, returned to profit after the pandemic.

In addition to Irish Ferries running its fledgling UK-France service on the Dover-Calais route that was launched in June, 2021 in the wake of Brexit, which has expanded into a three-ship service (see related story).

Last year, Mr Rothwell also collected €4.28 million of dividends on his 17.7 per cent stake as the Dublin based company, had handed out €24.2 million of such payments to shareholders, including an interim dividend for 2022.

According to ICG’s annual report, released on Tuesday, showed Mr Rothwell received a 20 per cent rise in basic pay last year – to €700,000. In addition the Chief Executive secured a €1.38 million bonus by way of restricted shares, which have a five-year disposal restriction.

As for share options, they were awarded under a performance share plan that was valued at €814,000, while other benefits amounted to €35,000.

The company which has its head office located in Dublin Port, earlier this month reported an operating profit of €66.7 million for 2022, a year in which revenues soared almost 75 per cent compared to pandemic-stricken 2021.

As The Irish Times (which has more) reports on the company that made losses at both operating and net earnings level in 2020 and 2021.

Whereas revenues at the maritime transport group had increased by €250.4 million to last year’s €584.9 million.

To consult the annual report in full, click this link.

Published in Irish Ferries

Naval Visits focuses on forthcoming courtesy visits by foreign navies from our nearest neighbours, to navies from European Union and perhaps even those navies from far-flung distant shores.

In covering these Naval Visits, the range of nationality arising from these vessels can also be broad in terms of the variety of ships docking in our ports.

The list of naval ship types is long and they perform many tasks. These naval ships can include coastal patrol vessels, mine-sweepers, mine-hunters, frigates, destroyers, amphibious dock-landing vessels, helicopter-carriers, submarine support ships and the rarer sighting of submarines.

When Naval Visits are made, it is those that are open to the public to come on board, provide an excellent opportunity to demonstrate up close and personal, what these look like and what they can do and a chance to discuss with the crew.

It can make even more interesting for visitors when a flotilla arrives, particularly comprising an international fleet, adding to the sense of curiosity and adding a greater mix to the type of vessels boarded.

All of this makes Naval Visits a fascinating and intriguing insight into the role of navies from abroad, as they spend time in our ports, mostly for a weekend-long call, having completed exercises at sea.

These naval exercises can involve joint co-operation between other naval fleets off Ireland, in the approaches of the Atlantic, and way offshore of the coasts of western European countries.

In certain circumstances, Naval Visits involve vessels which are making repositioning voyages over long distances between continents, having completed a tour of duty in zones of conflict.

Joint naval fleet exercises bring an increased integration of navies within Europe and beyond. These exercises improve greater co-operation at EU level but also internationally, not just on a political front, but these exercises enable shared training skills in carrying out naval skills and also knowledge.

Naval Visits are also reciprocal, in that the Irish Naval Service, has over the decades, visited major gatherings overseas, while also carrying out specific operations on many fronts.

Ireland can, therefore, be represented through these ships that also act as floating ambassadorial platforms, supporting our national interests.

These interests are not exclusively political in terms of foreign policy, through humanitarian commitments, but are also to assist existing trade and tourism links and also develop further.

Equally important is our relationship with the Irish diaspora, and to share this sense of identity with the rest of the World.