Manifold told to up his stake in CRH
Albert Manifold, the new chief executive of Ireland's biggest listed company CRH, has been told to buy more shares in the company.
CRH executive directors are required to hold a shareholding equivalent to their value of their annual salary. At year end, Manifold owned just 39,000 shares worth just over €700,000 at the time. He has since upped his stake.
"Mr Manifold's shareholding as at December 31, 2013, was 0.85 times his salary as chief operating officer.
"As chief executive, based on his new salary, his holding fell to 0.6 times his salary on January 1, 2014. Mr Manifold will be required to meet the shareholding guideline by December 31, 2017," according to CRH. The new CRH boss will get a basic salary of €1.2m this year.
Manifold earned €1.99m last year before his elevation to the top job. His predecessor, Myles Lee, pocketed €4.16m as a €1.56m long-term incentive plan paid out.
CRH shareholders are to vote on a new executive bonus plan for Manifold and his team at their AGM in May.
Sunday Indo Business