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RSA Directors Suspended

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    #92
    Fratton Fred
    Closed Accounts Posts: 26,567 ✭✭✭✭Fratton Fred


    delthedriver wrote: »
    It will be an interesting case.;)

    I expect there are a few skeletons looking forward to coming out of their closet!


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    #93
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Fratton Fred wrote: »
    I expect there are a few skeletons looking forward to coming out of their closet!

    :D

    Guess there are sweaty armpits in other Companies Boardrooms too ???

    Insurance Companies have had a very patchy history in Ireland.

    Remember, PMPA, Insurance Corporation of Ireland, Quinn ?

    Are we likely to see a repeat of something like the Banking crisis? ;)


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    #94
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    delthedriver wrote: »
    Interesting move!
    I expect it would be easier to fight one's corner within the tent than outside it. If he had concerns regarding decisions made by UK Operations, why did he wait until now to jump ship?
    The CEO was the Captain of the ship, jumping overboard and swimming seems an unusual move. The ship is afloat, the hole in the stern has been repaired.
    There is always a fall guy, it will be interesting to see what action his fellow suspended Directors take.;)

    Well he was highly unlikely to be "unsuspended". He's never going to be able to get a high level job like that again so might as well try and get a few million squid out of them through the courts. This guy brought in a fair lot of people from his previous employer into RSA - they won't be too happy about current events.


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    #95
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    glasso wrote: »
    Well he was highly unlikely to be "unsuspended". He's never going to be able to get a high level job like that again so might as well try and get a few million squid out of them through the courts. This guy brought in a fair lot of people from his previous employer into RSA - they won't be too happy about current events.

    Obviously I wish Mr. Smith and his family well at this traumatic time, especially on the run into Christmas.
    True Mr. Smith is unlikely to attain a similar post in the future, however if he is an innocent fall guy is it not better to vindicate himself by staying aboard the RSA ship. Resigning, and then fighting RSA through the Courts??? Trying to get a few million quid???
    If RSA were to fire him, surely he would have a stronger case against them for wrongful or constructive dismissal?
    As for colleagues he may have headhunted, what can one say ? No doubt they are very concerned for their careers.
    Incidentally, I do not know Mr. Smith, nor his background in Financial Services.


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    #96
    Billy86
    Closed Accounts Posts: 23,495 ✭✭✭✭Billy86


    delthedriver wrote: »
    Obviously I wish Mr. Smith and his family well at this traumatic time, especially on the run into Christmas.
    Really?

    His family sure, but they'll be fine with the silly money he has made there. Meanwhile, he is surely just as guilty as anyone else in regards to this, if not more so.


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    #97
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Billy86 wrote: »
    Really?

    His family sure, but they'll be fine with the silly money he has made there. Meanwhile, he is surely just as guilty as anyone else in regards to this, if not more so.

    Interesting comment.

    At this point, I consider Mr. Smith to be innocent until proven otherwise.

    If he carried out his duties in an unprofessional or reckless manner, yes, he will have to face the consequences of his actions. Absolutely no argument !

    His resignation at this point in time is a surprise. He will need the best legal brains in the country for this one.


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    #98
    Gyalist
    Registered Users Posts: 2,537 ✭✭✭Gyalist


    delthedriver wrote: »
    Interesting comment.

    At this point, I consider Mr. Smith to be innocent until proven otherwise.

    If he carried out his duties in an unprofessional or reckless manner, yes, he will have to face the consequences of his actions. Absolutely no argument !

    His resignation at this point in time is a surprise. He will need the best legal brains in the country for this one.

    Heard on the grapevine yesterday that he received a settlement of just over €900k.


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    #99
    Fratton Fred
    Closed Accounts Posts: 26,567 ✭✭✭✭Fratton Fred


    Gyalist wrote: »
    Heard on the grapevine yesterday that he received a settlement of just over €900k.

    I would be surprised if any settlements are made until the CBI has decided on what it is doing.

    The company is facing a fine of up to €35m and any director involved in wrongdoing faces a fine of up to €1m.


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    #100
    Doom
    Banned (with Prison Access) Posts: 2,381 ✭✭✭Doom


    http://www.irishtimes.com/business/financial-services/former-rsa-chief-philip-smith-takes-case-to-appeals-tribunal-1.2073101

    Philo is taking RSA to Court for his dismissal.....RSA confident they will win.


    Also

    RSA Insurance Group Plc said it will fight a constructive dismissal case filed by the former head of its Irish unit, who stepped down more than a year ago amid an accounting scandal. Philip Smith, who was was paid 34,000 euros :eek::eek::eek: a month as chief executive officer of the unit, resigned in November 2013 without severance pay saying he was being made a "fall-guy."


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    #101
    Doom
    Banned (with Prison Access) Posts: 2,381 ✭✭✭Doom


    :confused:
    I thought more people would be interested in this, as it's one of the reasons we're all paying through the nose for insurance this year...maybe wrong forum.


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    #102
    Gyalist
    Registered Users Posts: 2,537 ✭✭✭Gyalist


    Ireland’s biggest insurance company RSA plans to appeal the €1.25 million award by the Employment Appeals Tribunal (EAT) to its former chief executive Philip Smith.
    In a statement RSA Insurance Ireland said: “We are extremely disappointed by the Tribunal’s decision and fundamentally disagree with it. We are considering our options but intend to appeal the judgement.”
    Mr Smith had brought a case for constructive dismissal against RSA to the tribunal which began last March.

    Irish Times

    Good luck with the appeal. I know that it's been a difficult time for him.


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