Average pay package of the 18 long-standing bosses of the largest Irish publicly quoted companies was €3.46 million last yearThe average pay package of the 18 long-standing bosses of the largest Irish publicly quoted companies soared by 27 per cent to €3.46 million last year, as global equity markets hit record highs and corporate earnings rose as economies reopened following the worst of the Covid-19 pandemic, according to figures compiles by The Irish Times.
The International Monetary Fund this week cut its 2022 global growth forecast for the third time this year and now expects the world economy to expand by just 3.2 per cent, about half the rate seen in 2021. This will weigh on corporate earnings – the other main component of executive’s variable remuneration.
“It is still very much a candidates’ market out there – and there are some who are wanting a significant lift in salary to move company, which is often not realistic and reminiscent of the Celtic Tiger days.”, building material giant CRH’s CEO of eight years, set a new record for the head of an Iseq company – driven by a €3.07 million annual bonus comprised of cash and deferred shares, and €8.
Group chairman Gary McGann defended the pay increases at its annual general meeting of shareholders, saying Flutter operated in a business where companies compete intensely to lure skilled executives. “Quite frankly, both the executive directors... are at the bottom end of anything that would be available to the equivalent in the US,” he said.
Gavin Slark, chief executive of the Grafton Group, had a pay package that soared 149 per cent to £3.28 million . PHotograph: Cyril Byrne, completed the list of the top five earners last year, with his compensation package soaring 149 per cent – the most of the 18 CEOs – to £3.28 million , as his LTIP awards tripled to £1.77 million., CEO of housebuilder Cairn Homes, enjoyed the second-fastest pay growth last year, with it jumping 115 per cent to €1.12 million.
Ires, the only real-estate investment trust still on the Dublin market after three other Reits were taken private in recent years, partly justified the salary boost on the fact that the company has just moved in-house the asset and property management of its portfolio of over than 3,900 apartments and houses.
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