Institutional Shareholder Services (ISS) has told investors in CRH to vote against the remuneration plan for Albert Manifold, the firm’s chief executive, according to reports by thisismoney.
The remuneration package will be voted on by shareholders at the company’s annual general meeting (AGM) on Thursday (28 April).
Mr Manifold, who is Ireland’s best-paid corporate leader, saw his pay rise to EUR5.53m (US$6.25m) in 2015. Thisismoney reports that his basic pay is set to rise by a further 8.5 per cent in 2016.
Under new plans to be voted on at the AGM, Mr Manifold will also see his bonus ceiling raised to 225 per cent of salary, with a further 365 per cent of basic pay coming from CRH’s performance share plan.
Unlike the recent vote against BP chief executive Bob Dudley’s pay package, a defeat for the CRH remuneration plan would be binding. The proposals put forward above are not part of Mr Manifold’s current pay package, which expires in 2017.
ISS said: “This is a considerable year-on-year increase. In addition, the short and long-term performance targets have not been made significantly more challenging than what applied previously to reflect the higher awards.
“As a consequence, a vote against the remuneration policy is considered warranted.”