Pay tops €10.5m each for housebuilder Glenveagh bosses
Pay topped €10.5m each for the top bosses at housebuilder Glenveagh Properties in its first full year in business.
The bulk of last year's income for the top two executive directors at Irish Stock Exchange-listed Glenveagh Properties was a shares windfall last August worth just under €10m each to Justin Bickle and Stephen Garvey, based on Glenveagh's share price at the time.
Its annual report published yesterday shows that, in addition to those shares, Glenveagh co-founder and CEO Justin Bickle was paid salary, bonus and other benefits of €719,500 last year while co-founder Stephen Garvey, who is the chief operating officer, was paid €564,400.
Glenveagh chairman John Mulcahy, a Nama executive before helping launch the firm, earned a total pay package of €419,000 at Glenveagh last year, in addition to shares valued at around €2.2m he received last August.
The company emerged as a housebuilder from US fund Oaktree's stock of Irish property assets bought after the crash.
The private equity style founder share scheme kicked in last August, a year after listing on the stock market, conditional on performance targets being met.
Glenveagh's annual results in March recorded a loss of €3.5m after tax in 2018, excluding exceptional items. It is looking to sell 725 houses this year as it moves from buying land to building and selling houses. Earlier this month it announced the sale of 118 new homes in two estates at Taylor Hill, Balbriggan, and Semple Woods, Donabate, both in Co Dublin, in a single deal to landlord Ires Reit.
The company has said it could deploy as much as 25pc of its land bank into the private rented sector to big funds who then rent them out to tenants, and is also looking for partners to build social housing.