Pay of CRH chief O'Mahony rises to more than €2.79m

THE REMUNERATION of CRH chief Liam O'Mahony rose last year to more than €2.79 million from €2.66 million, according to the group's annual report.

CRH's share price declined in a downbeat Irish stock market to €23.85 at the end of 2007 from €31.54 at the beginning of a year in which its operating profit rose 18 per cent to €2 billion. Its shares traded at one point last year at €39.95.

Mr O'Mahony's remuneration package last year included €1.34 million in basic salary and fees, cash payments of €1.01 million under an incentive plan and €416,000 in deferred share payments. He also received benefits worth €26,000.

CRH said in its annual report that a succession committee was in place to appoint a successor to Mr O'Mahony when he retires at the end of the year. The report reveals that he received fees of €104,167 in respect of his membership of the board of Smurfit Kappa as a non-executive director.

The next-highest-paid executive director at CRH was Tom Hill, chief of Oldcastle, the group's main US operation. His remuneration declined last year to €1.67 million from €1.83 million. The package included €730,000 in basic salary and fees, cash payments of €583,000 under an incentive plan and €182,000 in deferred share payments.

The third-highest remuneration package was that of Myles Lee, finance director. The value of his overall package rose last year to more than €1.46 million from €1.41 million. This included basic salary and fees of €600,000, cash payments of €453,000 under an incentive plan and €187,000 in deferred shares. Kieran McGowan, who succeeded PJ Molloy as CRH chairman last May, received a total of €315,000 last year.

In light of a cap introduced in 2006 on the tax relief available on pension assets, CRH said its remuneration committee had offered Mr O'Mahony and its two other Irish-based executive directors an option.