Ireland Fund ex-CEO gets severance deal of over $500,000
THE former chief executive of philanthropic organisation the American Ireland Fund (AIF), is receiving $500,000 (€385,832) over five years as part of his severance deal with the organisation.
The payment to Kingsley Aikins was disclosed in new documents lodged by the fund with the US tax authorities.
It also confirmed that Mr Aikins's successor, Kieran McLoughlin, received almost $500,000 in total remuneration from the fund in 2010.
According to the returns recently filed by the AIF, the organisation's chief executive and president, Mr McLoughlin -- who took up his post in January 2010 -- received $478,460 (€369,210) in 2010 for his work for the organisation.
The revelation in 2010 that the total remuneration for Mr Aikins -- when he was chief executive -- was $923,552 (€712,810) in 2009 became a source of controversy.
The filings also disclosed that Mr Aikins's firm, the Blackrock-based Kingsley Aikins & Associates, received $325,000 (€251,031) for consultancy work for the AIF in 2010.
The AIF is part of the Ireland Funds that were established in 1976 by Sir Anthony O'Reilly and US ambassador to Ireland Dan Rooney. Last year, the AIF enjoyed a record year by raising $40m (€28m) for 200 Irish charities.
The funds raised in 2010 were almost a four-fold increase on the amount raised in 2009.
Overall, the AIF has raised $360m (€278m) for social and charitable projects in Ireland.
The documents for 2010 disclosed, as part of his $500,000 severance deal, Mr Aikins received $107,969 (€83,396) under that heading in 2010.
The payments partly arose from Mr Aikins negotiating a five-year deferred incentive arrangement, beginning in 2007, and the fund accrued at a rate of $100,000 (€77,242) annually before it was terminated in 2009.
The filings stated that "the amounts accrued were included in the former chief executive officer's severance package".
Mr Aikins was CEO of the AIF for 17 years.
A breakdown of Mr McLoughlin's remuneration shows that this basic salary was $345,000 (€266,482) and in addition he received $47,774 (€36,901) in retirement and other deferred compensation; a bonus of $25,000 (€19,310); 'other reportable compensation' of $39,835 (€30,769) and non-taxable benefits of $20,851 (€16,106).