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.