CRH chief's €2.5m pay last year less than he got in 2011
Myles Lee's package included €980,000 retirement expense
Published 26/03/2013 | 05:00
THE head of Ireland's biggest plc, CRH, was paid a total of €2.5m last year, less than he earned in 2011, according to the company's annual report which has just been published.
The head of the construction supplies giant, Myles Lee, received a basic salary of €1.1m last year plus €383,000 under the company's annual incentive plan.
He also received €980,000 by way of a retirement expense, bringing his total to just over €2.5m.
The value of vested share awards in the period took the figure to €2.72m.
Mr Lee announced earlier this month that he plans to retire at the end of the year.
The biggest company on the Irish Stock Exchange said basic pay for its most senior executive has remained unchanged since 2009, but that increases of between 2.6pc and 3.8pc have become effective since last January.
Chief operating officer Albert Manifold was paid a total of €1.38m last year, excluding the value of vested share awards.
His basic pay was €831,000 including €31,000 in benefits. He received an additional €266,000 under the annual incentive plan and a retirement expense of €288,000. He was paid a total of €1.5m in 2011.
Mr Manifold is tipped as a lead contender to take over from Mr Lee.
Finance director Maeve Carton received a total of €921,000 last year, excluding vested share options. Her pay included a basic salary of €550,000 and €183,000 granted under the incentive scheme. She was awarded €175,000 as a retirement expense.
Mark Towe, who is chief executive of CRH's North American Oldcastle unit, was paid a total of just under €2m in 2012. That included basic pay of €1.07m, €708,000 under the incentive scheme and €202,000 by way of a retirement expense.
He received a salary increase in US dollars last year, which CRH said was "broadly in line" with trends in senior executive remuneration in the US.
The 2006 Finance Act established a cap on pension provision by introducing a penalty tax charge on pension assets in excess of €5m or the value of individual pension entitlements, whichever was higher. That was further reduced to €2.3m in 2010.
Mr Lee, Mr Manifold and Ms Carton have all opted to receive a supplementary taxable non-pension cash allowance in lieu of prospective pension benefits foregone.
CRH non-executive chairman Nicky Hartery was paid a basic salary of €68,000 last year, but also received €237,000 in "other remuneration" to bring his total to €305,000. He was appointed chairman last May.
Mr Hartery said he expects "continued progress" for CRH in the US and Canada in 2013 and "another challenging year" for its European divisions.