IBRC annual report for 2011 - Irish Bank Resolution Corporation ...

Irish Bank Resolution Corporation LimitedAnnual Report & Accounts 2011Key management personnelKey management personnel comprise persons who, at any time during the year ended 31 December 2011, were members ofthe Board of Directors (the 'Board') and any other persons having authority and responsibility for planning, directing andcontrolling the activities of the Bank.Changes to the Board since 31 December 2010On 14 October 2011 and 15 November 2011 respectively Oliver Ellingham and Roger McGreal were appointed to the Board.On 13 January 2012 Dr. Max Barrett resigned as Group Secretary and was replaced by Philip Brady.Remuneration for the Non-executive Directors is in accordance with the fee levels as agreed with the Minister for Finance inconsultation with the Bank.Key management compensationThe following disclosures are made in accordance with the provisions of IAS 24 'Related Party Disclosures'. These disclosurescover the Board of Directors (Executive and Non-executive) and other key management personnel. The amounts presentedbelow include the figures separately reported in the Report on Directors' remuneration and interests in note 53.2011 2010*€m €mSalaries and short term employee benefits (1)Directors' fees (2)Post employment benefits (3)Termination benefits (4)6 51 11 1- 18 8(1)At 31 December 2011 key management personnel comprise the ten individuals who are members of the Bank’s GroupExecutive Committee, which includes the Executive Director. The amounts presented above include salaries and short termemployee benefits for seventeen persons (2010: fourteen), who were considered key management personnel at somepoint during the year, two of whom had left the Bank by 31 December 2011. In addition, to ensure compliance with taxrules, the Bank also engages professional advisors to assist in the preparation of Irish and foreign tax returns for certain keymanagement personnel who were hired from abroad.(2)(3)(4)Further details in respect of Directors' fees are presented separately in the Report on Directors' remuneration and interestsin note 53.Comprises employer contributions to pension funds.In the prior year termination benefits were paid to two former members of key management who left the Bank in 2010.* In 2010 a deferred bonus of €0.1m, which had previously been awarded and expensed in respect of the financial year to30 September 2006 and which represented a contractual obligation, was paid to one key manager in the prior year.153