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.
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.
Read more
Full coverage: Con Lucey report
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.
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.
Read more
Full coverage: Con Lucey report
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