Kingspan executive pay levels rise nearly 11%

Executive pay levels at building materials group Kingspan jumped by nearly 11% last year.

The Co Cavan-headquartered insulation products company’s annual report, for 2013 shows its five executive directors shared a remuneration pot of over €6.53m; up from €5.9m. When Kingspan’s seven additional non-executive directors are taken into account, total board pay was over €7.12m; compared with €6.63m in 2012.

Of the non-executive directors, four saw their pay increase with two declining (including group chairman Eugene Murtagh whose remuneration fell from €334,000 in 2012, to €191,000 last year). Linda Hickey was appointed as a non-executive director last summer, while Danny Kitchen retired from the board midway through 2012.

Chief executive Gene Murtagh and chief financial officer Geoff Doherty saw their packages remain unchanged at €1.38m and €1.09m.

Russell Shiels — president of Kingspan’s access floors and insulated panels division in north America — saw his remuneration dip by 3% to €827,000 last year.

Kingspan’s report follows on from publication of its full-year results in February; which beat analyst and board expectations.