American Ireland Fund former boss given €385k deal

THE former chief executive of philanthropic organisation the American Ireland Fund (AIF) Kingsley Aikins is receiving $500,000 (€385,832) over five years as part of his severance deal with the organisation.

The payment is disclosed in documents lodged by the fund with the United States tax authorities. They also confirm Mr Aikins’ 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 with the organisation.

The revelation in 2010 that the total remuneration for Mr Aikins when he was chief executive was $923,552 in 2009 became a source of controversy.

The filings also disclose Mr Aikins’ firm, the Blackrock-based Kingsley Aikins & Associates, received $325,000 for consultancy work for the AIF in 2010.

The AIF is part of the Ireland Funds that were established in 1976 by Anthony O’Reilly and US ambassador to Ireland Dan Rooney. Last year, the AIF raised a record $40 million (€28m) for 200 Irish charities.

Overall, the AIF has raised $360m towards social and charitable projects in Ireland.

The documents for 2010 disclose that as part of his $500,000 severance deal, Mr Aikins received $107,969 in 2010.

The payments partly arise from Mr Aikins negotiating a five-year deferred incentive arrangement beginning in 2007. The fund accrued at a rate of $100,000 annually before it was terminated in 2009. The filings state that “the amounts accrued were included in the former chief executive officer’s severance package”.

Mr Aikins was chief executive of the AIF for 17 years and since stepping down, the former Leinster rugby player has continued to enjoy a high profile, addressing the Dublin Web Summit earlier this year.

Mr McLoughlin has previously described Mr Aikins as a “guru of global philanthropy”.

The documents also disclose that the AIF’s executive director Stephen Greeley received $278,881 in remuneration in 2010.

A breakdown of Mr McLoughlin’s remuneration shows his basic salary was $345,000 and he received $47,774 in retirement and other deferred compensation, a bonus of $25,000, “other reportable compensation” of $39,835 and non- taxable benefits of $20,851.

Mr McLoughlin’s compensation includes family travel, a parking allowance and social security payments.

The filings disclose that Mr McLoughlin’s compensation was established after consideration by a compensation committee made up of five AIF board members and an independent compensation consultant.

A statement attached to the returns states: “The compensation is analysed by an outside consultant who researches and compares compensation data with like positions in similar organisations. A recommendation is made by the consultant as to whether the proposed compensation is reasonable, taking into consideration the research conducted and AIF’s comparison to the other non-profit organisations. The analysis is then submitted to the board for review approval which is documented in the board minutes.”