CRH chief executive Albert Manifold saw his total remuneration package rise 13 per cent last year to €9.31 million, driven by his stock bonus plan as the building materials giant's share price and cash flow surged.
The fixed pay of Mr Manifold, head of the group for the past six years, rose by 2.8 per cent to €1.56 million, while his cash bonus increased by 8 per cent to €2.95 million and awards under a long-term performance share plan jumped by over 25 per cent to €4.12 million.
The figures were published on Friday in CRH’s latest annual report.
The chief executive's pension benefit – at €667,000 – equated to 44 per cent of his basic salary, among the highest levels for any listed business in Ireland and the UK, making it an area of concern for some larger investors.
Chief financial officer Senan Murphy’s total compensation increased to €3.15 million from €2.74 million, with two-thirds of the figure performance related. His pension contribution equated to 25 per cent of basic salary.
“Since the 2019 AGM, there has been an evolution in investor views on the issue of pension contributions/allowances for incumbent executives,” said Heather Ann McSharry, chair of CRH’s remuneration committee in the annual report.
Pension contribution
“The chief executive has considered the matter and has voluntarily offered to reduce the monetary value of the pension contribution/allowance to which he is contractually entitled by 10 per cent per annum in 2020 and 2021, with a further reduction such that his pension allowance will be below 25 per cent of salary in January 2022.”
CRH, which has a market value of €24.1 billion, reported last week that its earnings before interest, tax, depreciation and amortisation (Ebitda) rose 25 per cent last year to a record €4.2 billion.
The company’s share price rose by 54 per cent last year, though it has fallen in recent weeks as global equities have been hit by concerns over the impact of the rapid spread of Covid-19 internationally.
Mr Manifold’s latest remuneration package is the second highest annual amount he has received from CRH. His compensation peaked at almost €10 million in 2016.
