Bank of Ireland Turns to Shares to Boost Executive Pay Packets

Bank of Ireland Group Plc plans to award its two most senior executives shares worth as much as 50% of their salary, boosting their overall pay packets amid ongoing restrictions on performance-related bonuses.

The lender, which on Tuesday reported underlying profit before tax of €1.2 billion ($1.3 billion) for 2022, is to make the awards to Chief Executive Officer Myles O’Grady and Chief Financial Officer Mark Spain beginning in 2024. The awards will be capped at 25% of salary in 2024 and 50% from 2025 onwards, according to its annual report.

O’Grady’s base salary for 2023 is €950,000 while Spain’s ...