David Gavaghan also received 34,287 in national insurance and 15,213 in pension contributions as head of the Strategic Investment Board (SIB).

His 152,131 salary and 61,206 bonus was defended by the Office of the First and Deputy First Minister.

SIB is charged with delivering investment strategy for NI.

The limited company is “owned” by the Office of the First Minister and Deputy First Minister (OFDFM).

It reports to the Department of Finance and is heavily involved in Private Finance Initiative projects in education, roads and water.

‘Applauded the role’

Details of the chief security national insurance
salary were revealed in the SIB’s annual report and accounts for 2006/07.

In a statement to the BBC, an OFDFM spokesman said SIB needed to attract high calibre, private sector staff with specialist skills.

“It was therefore necessary to offer american national insurance
salaries. The chief executive’s salary and bonus is fidelity national title insurance
by SIB’s company insurance integon national committee, which comprises independent, non-executive directors,” he said.

“The chief executive has a vital role in driving forward the 16bn investment strategy for Northern Ireland and his remuneration is set accordingly.”