Finance Minister Dr Nigel Clarke has published the details of the severance package for former head of the Financial Services Commission (FSC) Everton McFarlane.
McFarlane resigned amid the Stocks and Securities Limited (SSL) fraud scandal as the FSC was placed under scrutiny for its perceived failures in conducting oversight of the investment firm. He tendered his resignation on January 19, a day after FSC officials dodged questions around the ongoing scandal during a press conference.
In a post shared by Clarke on Twitter today (February 6), he shared that the following terms were accepted:
- three months salary (basic salary, housing allowance and outstanding gratuity) in lieu of notice as set out in the termination provisions of the employment contract.
- purchase of assigned motor vehicle under the terms of the Government of Jamaica Revised Comprehensive Motor Vehicle Policy for the Public Sector.
Clarke further noted that McFarlane waived his right to payments for accrued vacation leave.
In addition to the terms of his resignation, Clarke also shared that under the terms of his 36-month fixed-term contract, inclusive of negotiated increases, McFarlane earned a salary of $16 million per annum. McFarlane also received 25 per cent taxable gratuity in lieu of pension and housing allowance of approximately $1.3 million per annum.
The former head of the FSC has 26 years in the public sector service including as deputy director general at the Planning Institute of Jamaica, chief economist at the Ministry of Finance and the Public Service and, over various periods, director – policy and research, senior director of securities and executive director at the FSC.
SSL is under investigation after news surfaced in January that one of its employees was caught in a multi-billion dollar fraud case. Listed as a victim of the fraudulent activity was sprint legend Usain Bolt who was swindled out of US$12.75 million.