CRH director packages increase

Performance-related bonus payments drove executive director remuneration up at CRH last year, despite a drop in combined salaries.

The Dublin-headquartered cement and building materials giant — which last month reported a 33% rise in annual pre-tax profits for 2011 and a 5% increase in group revenues — paid its four-member executive director team a combined figure of €3.4m in basic salaries last year. This was down from a total of €3.44m in 2010.

However total combined executive director remuneration came to nearly €7.3m last year, up from €6.62m the previous year. This rise was driven by various bonus payments, via the group’s performance-related incentive plan.

In all, combined cash bonus payments went from €952,000 in 2010 to €1.56m last year.

Chief executive Myles Lee saw his total remuneration package go from €2.44m to just shy of €2.7m, on the back of a €534,000 cash bonus and various other benefits. Mr Lee’s basic salary was unchanged at €1.15m.

CRH’s finance director Maeve Carton saw her basic salary jump from €321,000 to €550,000. A cash incentive payment of €255,000 and retirement/other benefits boosted her overall package to €1.05m, up from €489,000.

Mark Towe — head of Oldcastle, the holding company for CRH’s US operations — got total remuneration of €1.54m, compared with €1.46m in 2010. Chief operating officer Albert Manifold saw his package grow from €1.38m to €1.54m, with an €800,000 basic salary, €371,000 cash bonus and various benefits.