Business

Sunday 24 September 2017

CRH faces push back over €10m for CEO

CRH chief executive Albert Manifold
CRH chief executive Albert Manifold

Sean Duffy

Almost a fifth of shareholders in building materials giant CRH have voted against a remuneration package that saw CEO Alfred Manifold paid almost €10m.

Shareholder opposition to top pay at CRH has fallen compared to a year ago, but remains significant.

Over 17pc of shareholders voted against the company's executive pay structure at the annual general meeting in Dublin yesterday - down from 40pc in 2016.

Chairman Nicky Hartery batted away concerns about the level of increases, instead pointing critics to the share price which has increased by 80pc over the past three years.

Mr Manifold collected almost €10m in pay last year - a mix of salary, annual bonuses and €4.7m in long-term share options.

Ireland's largest company has plans to further grow its global footprint over the next two years and has "significant funds to invest", according to Mr Manifold.

CRH posted sales of €27.1bn for 2016, a rise of 15pc compared to 2015. The group's ebitda (earnings before interest, taxation, depreciation and amortisation) was up 41pc for the year to €3.1bn. Reported profit after tax was €1.3bn.

Mr Manifold told shareholders at the company's AGM that CRH has established itself as a global leader in the supply of building materials because of an ethos that was primed towards constant reinvention.

CRH is one of only 19 companies to survive on London's FTSE 100 index since it was listed 30 years ago, he said.

The company said it was optimistic about the possibility of a boost in infrastructure spend in the US, but that it was too soon to predict the extent to which US President Donald Trump would be able to enact major capital projects.

CRH is likely to ease investment in developing markets over the coming years with volatility in the Philippines having dragged the company's earnings in the region below expectations.

He added that while the company didn't want to "play politics" in Ireland, CRH would "do anything we can" to support further capital investment in the country.

Irish Independent

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