
Displaying items by tag: Institutional Shareholder Services
Ireland: The Irish Times newspaper has reported examples of shareholder advisory companies expressing concern about the scale of CRH chief executive officer (CEO) Alfred Manifold’s pay package in the face of mounting financial pressure due to the coronavirus pandemic. Glass Lewis has said in a report that it remains ‘particularly concerned’ about the size of Manifold’s pension benefits, while Institutional Shareholder Services has expressed similar reservations about his remuneration. Manifold had a total reported pay, performance and long term incentive package totalling Euro9.3m in 2019.
Institutional Shareholder Services previously recommended that investors vote against an executive pay rise at CRH in 2018. The multinational building materials company plans to hold its annual general meeting on 23 April 2020.
Building materials companies around the world are expected to face financial pressure as construction markets suffer due to national and regional lockdown measures in response to the coronavirus epidemic.
Institutional Shareholder Services recommends investors vote against executive pay rise at CRH
06 April 2018Ireland: The Institutional Shareholder Services (ISS) recommends that investors vote against a proposed Euro10m pay rise for executives at CRH. The building materials company is set to increase executive pay at its annual general meeting in late April 2018, according to the Irish Times newspaper. ISS recommends that shareholders vote against a remuneration report for several reasons including CRH's failure to set out targets for its managers and the group's proposal to give its finance director a 10% rise.
In 2017, CRH paid its chief executive officer Albert Manifold a Euro3.12m bonus, Euro2.15m salary and pension and Euro3.4m in share options. His pay was 13% less than in 2016. Finance director Senan Murphy's salary and pension was Euro0.91m and he received a Euro1m bonus. Former group transformation director Maeve Carton, who left the role in August 2017, was paid Euro2.67m.
CRH’s remuneration report says the annual bonus payments are based on a combination of financial targets and ‘personal strategic goals.’ It plans to reveal more details in 2019 once it is no longer commercially sensitive. It defended Murphy's proposed pay rise as he was paid below the market rate when he became financial director in 2016.