Body defends chief executive's revised contract
Who is Alistair Hamilton?
As chief executive of Invest NI Alastair Hamilton is charged with growing the Northern Ireland economy.
In essence he tries to boost the productivity and effectiveness of homegrown businesses while also trying to attract investment from foreign companies in to Northern Ireland.
He's been in the job since April 2009, prior to which he worked for telecoms company BT as managing director of Sales and Solutions.
What Invest NI said:
When the post of Chief Executive of Invest Northern Ireland was advertised, it was at a salary package of £208k, comprising £160,000 of base salary plus provision for up to 30% per annum performance-related pay, based on an annual determination by the Board of performance against a very clear set of targets and objectives.
The Board, therefore, has a legal obligation every year to assess the performance of the Chief Executive and make a recommendation on the amount to be paid. Last year, the Chief Executive made it very clear that he would not be accepting any performance related elements to which he was contractually entitled since taking up the post, pending the outcome of the Review of Northern Ireland Senior Civil Service pay, and also requested that the overall remuneration package of the post should be considered in line with the principles of the Review.
The board subsequently sought agreement from the Chief Executive to renegotiate his contract and this has now been completed. In line with the principles of the Review, the remuneration package has been adjusted and the Chief Executive has voluntarily accepted a reduction in his total remuneration package of some 9% per year and the removal of any current or future performance related pay entitlement.
The salary of the Chief Executive is in the range £185,000-£190,000. There is no additional cost to the public purse as a result of the revised remuneration package of the CEO.