9. Board fees and expenses

An annual fee of €15,750 is paid to certain Directors, as specified by the Minister for Finance in accordance with the Memorandum of Association of the SBCI. The Directors received no other benefits or remuneration, including retirement benefits, as a result of their services to the Company.

1 Jan 2016
to 31 Dec 2016
12 Sept 2014
to 31 Dec 2015
Barbara Cotter 15,750 12,409
Tom McAleese 15,750 12,170
Rosheen McGuckian 15,750 11,991
AJ Noonan 15,750 12,409
Richard Pelly 15,750 12,409
Eilis Quinlan 15,750 12,409
94,500 73,797

The Chairperson and Chief Executive Officer did not receive any remuneration in respect of their membership of the Board. Ann Nolan, appointed in her capacity as Second Secretary General of the Department of Finance, did not receive any remuneration in respect of her membership of the Board.

Directors are reimbursed approved expenses on a vouched basis. Expenses relate to travel to attend meetings in SBCI’s offices in Dublin. During the financial year, a total of €1,332 in expenses was incurred in respect of certain Directors.

Board Member Travel
Accomodation
and subsistence
2016
Total
12 Sept 2014
to 31 Dec 2015
Richard Pelly 1,332 - 1,332 1,231

The expenses paid to Directors are included in other expenses in Note 8.

1 Jan 2016
to 31 Dec 2016
12 Sept 2014
to 31 Dec 2015
Directors fees 94,500 73,797
Salaries and other benefits 274,548 334,811
Contributions to defined benefit retirement schemes 35,500 43,982
Total Directors’ Remuneration 404,548 452,590

< NOTE 8

NOTE 10 >