McInerney directors get €3m remuneration

IRISH housebuilding group, McInerney Holdings — which recently posted a loss of €25 million, before exceptional items, for 2009 — slightly increased its total remuneration to executive directors last year from €2.23m to just over €3m.

Exceptional items — which include a further land impairment provision of €157.5m — brought McInerney’s pre-tax losses up to €193m last year. The company also said, at the beginning of this month, that it is not proposing a dividend payment to shareholders for 2009.

According to the group’s latest annual report, the total remuneration was boosted by a one-off compensation payment of €843,208 made to former director, Tommy Drumm, who left the company last summer.

Managing director, Barry O’Connor saw his total remuneration package remain static at €574,414, last year. None of the executive directors were paid a performance-related bonus in 2009. McInerney built 131 houses in Ireland last year, down from the 296 units it completed during the previous 12 months.

Elsewhere, there was a small increase in the pay packet of Mark Shakespeare — the head of the group’s treasury division — but no movement in that of group finance director, Enda Cunningham and a €46,000 reduction in that of Daniel McInerney, who heads up the group’s commercial property division, Hillview Developments.

Non-executive chairman, Ned Sullivan’s remuneration package fell by €12,000 last year to €108,000.

McInerney — which also halved the value of its Irish-based land bank last year — is currently undertaking a review, which could lead it to raise new capital as it looks to stabilise its funding platform.

Any new equity raising could result in a dilution of existing shareholder value.

Meanwhile, Cavan-based building materials/home insulation specialist, Kingspan, said in its annual report that it is in very good shape facing into 2010, with a degree of stability beginning to return to most of the geographical markets in which the group has a presence.

“While there remain many challenges ahead, Kingspan’s solid performance in 2009 means that it is now well positioned to capitalise on future opportunities as they arise,” the company statement added.