The boss of construction giant CRH, who wants to transfer his listing to the US, has earned more than £60m since joining the company a decade ago
The boss of construction giant FTSE 100 CRH, who wants to move his share listing to the US, has earned more than £60m since joining the company a decade ago – and is awaiting another bumper payment, The Mail on Sunday can reveal.
CRH, led by chief executive Albert Manifold, dealt a blow to the UK stock market last week by announcing its intention to move the main listing of its shares to New York.
The company, which is headquartered in Ireland and owns Tarmac, justified its call by saying North America now accounts for three-quarters of its profits.
Links: CRH, headed by Albert Manifold, is a major supplier to the Queensferry Bridge in Scotland
The news added to concerns that the UK is losing to overseas rivals. Chip designer Arm is set to list its shares in New York, while oil giant Shell – the largest company listed on the London Stock Exchange – and Paddy Power owner Flutter are reportedly considering similar moves.
A chief executive of a FTSE 100 company said he was “deeply suspicious” of companies heading into the US market, adding: “I think they are driven by the prospect of American-style compensation”.
Manifold, a relatively unknown figure at City, is already one of the highest paid bosses at a listed company. Last year he earned £12.4million in salary and bonuses, almost 300 times the average salary of a HRC employee. This brought his total salary since joining CRH in 2013 to £63m.
It is set to receive another multimillion-pound windfall after the building materials business – which supplies asphalt, cement and paving – saw sales rise last year to £27.3bn sterling with pre-tax profit up 13% to £4.6bn. CRH, which has seen several shareholder revolts over board compensation, declined to comment.
A source said the UK only made up a very small part of the group and its closest peers were all based in the US. But experts said less scrutiny of board compensation is one reason some companies are looking to the United States. A typical US chief executive is paid 400 times what the average worker earns, while the gap between a FTSE 100 boss and the UK median salary is around 100 times.
Luke Hildyard of the High Pay Center think tank said it was a “depressing reflection of their values and motivation” that executives needed such large pay rewards.
He also accused them of avoiding scrutiny and accountability.
“Rather than addressing stakeholder concerns and the role their companies play in creating painful economic divisions in society, boards are trying to run away from the issue,” he added.