CRH boss Manifold gets bonus of up to €3.4m ahead of deal
Management at Ireland's biggest listed company, CRH, have been conditionally awarded shares worth a potential €7.56m on Friday's share price.
Chief executive Albert Manifold got 132,064 options worth €3.4m; finance director Maeve Carton got 55,283 options worth €1.42m; while Mark Towe, the head of CRH's north American arm Oldcastle got 107,100 options worth €2.74m.
The awards were granted under the company's 2014 performance share plan, according to a statement CRH issued to the Irish Stock Exchange (ISE).
Manifold, Carton and Towe won't get the shares until 2020 at the earliest, and the company will have to fulfil performance criteria if they are to get the full amount.
CRH's latest annual report says the shares will be granted if the company meets targets relating to total shareholder return (which encompasses dividends and share price gains) and adjusted cash flow.
Much will depend on whether the company manages to complete a €6.5bn deal to buy assets from European cement giants Holcim and Lafarge, which plan to merge.
The deal will be off if the merger doesn't go ahead. CRH will get a break fee of €158m if the transaction falls through.
The cash flow targets will be set when the outcome of the Holcim-Lafarge deal is known.
"As in previous years, the targets will be demanding and aligned to value creation for shareholders, with significant stretch ensuring that only exceptional performance will result in maximum payout," the CRH annual report says. Shareholders approved the awards at the last agm.
The report reveals Manifold took home a pay package of €4.25m last year, the third-largest among chief executives of the top 20 companies on the ISE.
The Holcim-Lafarge merger looks back on track after the companies successfully renegotiated the terms of the proposed tie-up, which would create the world's biggest cement maker. Holcim had been performing better than Lafarge and wanted to cut a more lucrative deal.
Sunday Indo Business