CRH to ask investors to accept new bonus plan
Irish building materials giant CRH – parent company of Northstone (NI) – will ask its shareholders to approve new double and treble-pay performance bonuses for its chief executive and top management at its AGM this week.
Albert Manifold, who joined the company in January, will receive an award of 250% of his €1.2m salary (£1m), amounting to €3m (£2.5m) this year under the plan. Other executive directors would be granted awards of 200% of their salary in bonus.
Finance director Maeve Carton would stand to make €1.25m (£1m) on top of her €625,000 (£514,000) salary under the new rewards structure.
New recruits to the CRH board from outside the company would be set to receive an award of up to 350% of their salary, according to the proposal made in the company's pre-AGM circular. Other executives could also receive this more than treble salary bonus "in exceptional circumstances", the proposal said.