Long-serving chief executive Liam O’Mahony saw his annual pay dip by €114,000 to just under €2 million, the company’s annual report for 2005 reveals.
Mr O’Mahony was paid a basic salary of €1.15m, up on the previous year by around 10%, and a performance bonus of nearly €750,000. When other perks and benefits are added in, the chief executive earned €1.92m. The pay deal is 55 times the annual average wage of CRH employees.
Only Anglo Irish Bank’s chief executive David Drumm earned more last year, picking up a total pay, bonus and pension deal of €2.3m. According to the annual report, Mr O’Mahony is currently entitled to an annual pension of €770,000 a year when he retires.
After Mr O’Mahony, the next highest paid director was Tom Hill, who runs the company’s Oldcastle Materials division. His remuneration went up 23% to €1.27 m. His package included a basic salary of €635,000 and a bonus of nearly €500,000.
John Wittstock, who heads CRH’s European product and distribution division, netted €1.22m. The report also shows that Mr Wittstock has accumulated a pension pot of €793,000.
Declan Doyle, managing direct of CRH’s European material arms, joined the growing list of Irish executive earning more than €1m a year as his pay rose by €162,000 to €1.02m.
Finance director Myles Lee saw his overall pay package rise by €123,000 to €993,000.
Pat Molloy, the company’s chairman, picked up €30,000 increase in fees to €350,000.
Tony O’Brien, who steps down as CRH’s senior independent director at the company’s annual general meeting in May, was paid €90,000 in fees. Nicky Hartery, the boss of Dell in Ireland who joined the board in June 2004, picked up fees of €65,000. Kieran McGowan, the former IDA Ireland, was paid €90,000 for his part-time role as a non-executive director.
Total directors’ remuneration for 2005 increased by €40,000 to €7.92m.
CRH said in the annual report that its remuneration structure “is designed to attract and retain directors of the highest calibre who can bring their experience and independent views to the policy, strategic decisions and governance of CRH.