Thursday 19 July 2018

Hibernia Reit hands its top executives a pay raise

Hibernia Reit chief executive Kevin Nowlan. Photo: El Keegan Photography
Hibernia Reit chief executive Kevin Nowlan. Photo: El Keegan Photography

Gretchen Friemann

Listed landlord and developer Hibernia Reit has handed hefty pay rises to its top executives, with chief executive Kevin Nowlan in line for a 50pc pay increase - worth €150,000 - on top of his annual base salary.

Chief financial officer Thomas Edwards-Moss's annual pay is set to rise by close to a third, to €340,000.

Mr Edwards-Moss, who earns €265,000 in base salary, has also been granted a sizeable bonus payment, lifting his total remuneration for this year to €625,000 - a €100,000 increase on the previous year.

Mr Nolan's total remuneration for the 12 months ending on March 31 2018, increases by just €3,000 to €367,000. The increase does not include a bonus, as the property boss was part of the investment management team that sold into the float.

Hibernia, which will shortly complete its Windmill Lane quarter in central Dublin and which recently posted a 6.6pc gain on the valuation of its property portfolio for the 2017 financial year, outlined the sweeping pay increases in its annual report.

The document, published at the end of last month, also proposed lifting fees paid to non-executive directors, including chairman Danny Kitchen.

The report points out this is the first review of pay since the initial public offering in 2013.

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