It has emerged that former IFA president Padraig Walshe received a salary of €175,000, while deputy president at the time Derek Deane received €50,000.
The report by Con Lucey, which was released on Tuesday, details the payments and expenses made to IFA presidents and their deputies since 2009.
In 2009 Padraig Walshe received a salary of €175,000 plus a “car equivalent” of €6,250, together totalling €181,250. Walshe has refused to reveal the payments he received.
His deputy president Derek Deane received a salary of €50,000 in 2009.
The next president was John Bryan, who was in the position in the four years 2010 to 2013. His salary was €105,000 in his first year, rising to €107,500 in each of the following three years. He received a “car equivalent” of €5,200 each year. In addition, he received a farm relief payment each year, plus a director’s fee for IFA Telecom (see table).
ADVERTISEMENT
His deputy was Eddie Downey, and he received a flat €30,000 per year.
That brings us to 2014 and 2015, when Eddie Downey was president. He received a salary of €147,500 each year plus “car equivalent” of €8,500. He has now resigned. His deputy, Tim O’Leary, receives €35,000 per annum.
The Lucey report points out that on finishing his term, each president was the recipient of a termination payment equivalent to one year’s remuneration. In addition, the presidents were each invited on to the board of FBD Holdings during their tenures. The current director fee level is €39,600.
Recommendations
Assessing the above figures, Con Lucey says the main problem was that the level of salary became disconnected from its original purpose, which was to ensure that the farm did not suffer during the term of office of the president and deputy. A factor that had to be taken into account was that payments were subject to income tax.
In addition, there is no clear ruling on payment from directorships of outside bodies.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
However, if you would like to share the information in this article, you may use the headline, summary and link below:
Title: Padraig Walshe got salary of €175,000
It has emerged that former IFA president Padraig Walshe received a salary of €175,000, while deputy president at the time Derek Deane received €50,000.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
The report by Con Lucey, which was released on Tuesday, details the payments and expenses made to IFA presidents and their deputies since 2009.
In 2009 Padraig Walshe received a salary of €175,000 plus a “car equivalent” of €6,250, together totalling €181,250. Walshe has refused to reveal the payments he received.
His deputy president Derek Deane received a salary of €50,000 in 2009.
The next president was John Bryan, who was in the position in the four years 2010 to 2013. His salary was €105,000 in his first year, rising to €107,500 in each of the following three years. He received a “car equivalent” of €5,200 each year. In addition, he received a farm relief payment each year, plus a director’s fee for IFA Telecom (see table).
His deputy was Eddie Downey, and he received a flat €30,000 per year.
That brings us to 2014 and 2015, when Eddie Downey was president. He received a salary of €147,500 each year plus “car equivalent” of €8,500. He has now resigned. His deputy, Tim O’Leary, receives €35,000 per annum.
The Lucey report points out that on finishing his term, each president was the recipient of a termination payment equivalent to one year’s remuneration. In addition, the presidents were each invited on to the board of FBD Holdings during their tenures. The current director fee level is €39,600.
Recommendations
Assessing the above figures, Con Lucey says the main problem was that the level of salary became disconnected from its original purpose, which was to ensure that the farm did not suffer during the term of office of the president and deputy. A factor that had to be taken into account was that payments were subject to income tax.
In addition, there is no clear ruling on payment from directorships of outside bodies.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS