Tuesday 17 September 2019

Cairn Homes chief enjoys pay package of €920,000

In the money: Cairn Homes chief Michael Stanley. Photo: Naoise Culhane
In the money: Cairn Homes chief Michael Stanley. Photo: Naoise Culhane
Ellie Donnelly

Ellie Donnelly

The co-founder and chief executive of Cairn Homes, Michael Stanley, saw his pay increase by €123,000 in 2018.

Last year Mr Stanley benefited from a total remuneration of €920,000, including a basic salary of €425,000, a bonus of €383,000, and additional benefits worth €112,000, according to the Cairn Homes annual report released yesterday. In 2017, Mr Stanley's package amounted to €797,000.

The group's chief financial office, Tim Kenny, who joined the company in August 2017, received €770,000 for the year. This included a bonus of €285,000.

Cairn Homes has become one of the most high-profile house builders in the Irish market at a time when the issue of housing is never far from the headlines. Earlier this month the company announced it was looking for an institutional investor, or "cuckoo fund", to buy almost 300 apartments at a development outside Dublin. The decision will mean first-time buyers are deprived of the chance to bid.

Meanwhile, last week the founders of Cairn - including Mr Stanley and his brother Kevin - sold €22.8m of shares in the listed house builder. In 2018 Cairn reported revenue of €337m. Its operating profit was €53m.

Elsewhere, pay topped €10.5m each for the top bosses at house builder Glenveagh Properties in its first full year in business. The bulk for the top two executive directors at the listed company 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 earlier this month shows that in addition to those shares, Glenveagh co-founder and chief executive Justin Bickle was paid salary, bonus and other benefits of €719,500 while co-founder Stephen Garvey, who is chief operating officer, was paid €564,400.

Irish Independent

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