Kenmare boss pay falls on currency shifts

Executive directors of mining company paid in euro but company reports in dollars

Michael Carvill , managing director of Kenmare Resources. Photograph: Bryan O’Brien

Michael Carvill , managing director of Kenmare Resources. Photograph: Bryan O’Brien

 

The managing director of mining group Kenmare Resources saw his remuneration fall last year by 12.5 per cent to $1.4 million (€1.29 million).

Michael Carvill’s total package included a base salary of $616,000 and a cash bonus of $291,000, as well as a pension contribution of $61,000. In addition, he received a payment of$467,000 under the company’s long-term incentive plan.

The 5 per cent decline in base salary and pension in the accounts is attributable to a decline in the rate between the euro and the dollar but did not affect Mr Carvill personally as he was paid the same amount in euro as the previous year.

He did, however, receive a lower cash bonus and a reduced payment under the long-term incentive plan.

Finance director Tony McCluskey also saw his package fall 12 per cent from $1.09 million to $963,000, with his base pay and pension again unchanged apart from the currency impact showing through in the accounts.

From its Mozambique mine, Kenmare produces titanium minerals such as Ilmenite and Rutile which are used to make titanium dioxide pigment used to manufacture paints, plastics, paper, cosmetics, food additives, ceramics and textiles.