For the third year in a row, the executive chairman of building products group Grafton, Mr Michael Chadwick, has waived part of his salary.Mr Chadwick's total remuneration package last year was worth €514,000 but he has waived €337,000 or nearly two thirds.
He will receive just €177,000 of the package, which included a basic salary of €350,000, a performance-related bonus of €137,000 and other benefits worth €27,000.
However, the amount he has elected to be paid is up on 2001 when he chose to receive just €45,000 of his €470,000 package.
Mr Chadwick has refused to comment on his decision to waive part of his salary in recent years, other than to say it was a personal matter. But as the largest individual shareholder in the company, Mr Chadwick has done well out of Grafton despite forgoing part of his salary.
He received around €1.6 million last year as a result of two share redemptions worth nine cents per Grafton unit. In 2001, he received dividends of more than €1.4 million for his 10 per cent stake in the company.
A family trust in which he holds a non-beneficial interest also received more than €250,000 from the share redemptions last year, an increase on the dividend payout of almost €225,000 received in 2001.
Mr Chadwick, who stumped up nearly €8 million to take up his full entitlement of shares under Grafton's recent discounted rights issue, currently owns 10.28 per cent of the company.
At last night's closing price, his stake was worth around €70 million.
Meanwhile, Grafton's managing director, Mr Norman Kilroy, received a total package of €406,000 last year, up nearly 8 per cent on the previous year.
Finance director Mr Colm O'Nuallain was paid €412,000, a 9.5 per cent increase on 2001 while the fourth executive director, Mr Fergus Malone, was paid €300,000, a rise of 7 per cent.
Pension contributions totalling €740,000 were paid on behalf of the four executive directors.
The three non-executive directors, Mr Anthony Collins, Ms Gillian Bowler and Mr Richard Jewson, received fees of €32,000-€44,000, the same as they received the previous year.
