Bonus shares boost Kenmare Resources managing director’s pay to €1.6m

Bonus shares boosted Kenmare Resources managing director Michael Carvill’s pay to $1.76 million (€1.61 million) last year, the Irish miner’s annual report shows.

Kenmare produces titanium ore from its Moma mine in Mozambique, Africa, that is processed for use mainly in pigments.

The company’s annual report shows that Mr Carvill earned $1.76 million last year, up from $1.13 million in 2021.

Mr Carvill’s pay included the vesting of $778,000 worth of shares granted in 2020 as part of a long-term scheme designed to incentivise executives in their roles.

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His basic pay was $618,000, benefits and pension were $69,000 while he received a cash bonus of $295,000, separate to the shares, tied to the company’s performance during the year.

Kenmare’s remuneration committee, which oversees executive’s pay, calculated that his bonus should be 47.78 per cent of his basic salary for the year.

Mr Carvill’s shares will vest next month, the committee’s report says.

Kenmare paid Tony McCluskey, who retired as financial director of the company in September, $500,000 including a basic salary of $313,000 and a bonus of $153,000.

Tom Hickey, who replaced Mr McCluskey, received $173,000, including $110,000 basic pay and a $51,000 cash bonus.

The committee noted that the financial directors received bonuses pro-rata to the basic salary earned last year.

Kenmare awards bonuses to directors according to how the company performs relative to operational, financial, environmental and other targets determined by the board.

Shareholders will vote on renewing the company’s executive pay policy at this year’s annual general meeting. Kenmare intends seeking minor changes to the approach.