It was revealed on Wednesday evening at an emergency meeting of the IFA’s executive council that Pat Smith’s severance package totalled €2m.The package comprises a €1m upfront payment followed by a €100,000 payment every year for 10 years. This would be a total payment of €2m.
It was revealed on Wednesday evening at an emergency meeting of the IFA’s executive council that Pat Smith’s severance package totalled €2m.
The package comprises a €1m upfront payment followed by a €100,000 payment every year for 10 years. This would be a total payment of €2m.
It is understood that IFA president Eddie Downey took it upon himself to negotiate the terms of the exit package for Smith. Smith resigned last week after details of his remuneration were revealed.
The agreement was signed by Downey and Smith but not by treasurer Jer Bergin, nor financial controller Ken Heade, nor deputy president Tim O’Leary. These men are understood to have expressed major reservations regarding the package and set about stopping the payment, as did acting general secretary Bryan Barry.
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The emergency meeting of the executive council voted unanimously to fight against paying Smith anything. It is expected that the IFA will mount a robust legal challenge against the severance package.
It is also understood that Pat Smith’s pension pot was worth €2.7m 12 months ago when he transferred it out of the IFA and into his possession.
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