Three CRH directors received €14m last year

Three executive directors at CRH received more than €14 million in total remuneration last year, according to the company's annual report.

The 2015 figures were boosted by a €4.9 million award under a long-term incentive programme, accounted for by the vesting of share options granted in previous years.

The three directors, Albert Manifold, Mark Towe and Maeve Carton, were paid total remuneration packages of €8.29 million in 2014, according to that year's annual report.

Including long-term incentives, they received €9.07 million that year.

The 2015 report shows that the basic salary of the three rose to €3.24 million from €2.86 million the previous year.

The chief executive of the building materials giant, Albert Manifold, received total remuneration of €5.5 million last year, 32 per cent ahead of the €4.184 million for 2014. The remuneration included a basic salary of €1.2 million, a cash bonus of €1.4 million and deferred shares worth €484,000. He also received shares valued at €1.67 million under the long-term incentive programme.

Mark Towe, head of CRH’s US operations, was paid a basic salary of €1.28 million last year, as well as a cash bonus of €1.41 million and deferred shares worth €472,000. Adding to this shares valued at more than €2 million under the long-term incentive programme brought his total remuneration last year to €5.587 million.

Former finance director Maeve Carton received total remuneration €5.587 million, up from €2.986 million the previous year. This included a cash bonus of €734,000, a basic salary of €675,000 and shares valued at €1.16 million under the long-term incentive programme.

She took on the role of group transformation director this year, with Senan Murphy appointed as finance director.

Mr Murphy’s salary was set at €625,000 and he will receive a supplementary taxable non-pensionable cash supplement equivalent to 25 per cent of his annual base salary in lieu of a pension contribution.

The company’s non-executive directors were paid €1.4 million between them.

The report said the 2016 bonus plan will be operated broadly in line with the 2015 scheme, except that the maximum award size for the chief executive will increase to 225 per cent of salary.

CRH’S pre-tax profits grew 36 per cent in 2015 to €1 billion, on the back of a 25 per cent increase in sales to €23.6 billon. Earnings before interest, taxes, depreciation and amortisation were up 35 per cent at €2.2 billion. Total acquisition spend for 2015 was approximately €8 billion, including the €6.5 billion acquisition of assets from LafargeHolcim.