The chief executive of one of Ireland's largest homebuilders, Glenveagh Properties, saw his total remuneration package last year increase by 63% to over €1.6m.
Stephen Garvey’s salary increased by €150,000 to €600,000, while his employer pension contribution also rose by €22,500 to €90,000, according to the company's annual report published today.
But the bulk of Mr Garvey’s increased package came from a doubling of his annual bonus to €900,000.
Mr Garvey could also receive over 1 million shares, with a face value of €1.2m, as part of a long-term incentive plan (LTIP) covering the period from January 2022 to the end of December 2024, if certain financial milestones are met.
The shares will not vest until April of 2025.
In order to receive 100% of the incentive plan, the earnings per share (EPS) performance of Glenveagh must rise to 20c in the financial year 2024 and return on equity must hit 16.2%.
If EPS only reaches 12c and return on equity tops 11%, the CEO will receive 25% of the shares and if EPS doesn’t reach 12c and the return on equity is under 11%, he will get nothing.
The company’s full year earnings per share for 2022 was 7.6c.
Meanwhile, the total remuneration package of chief financial officer, Michael Rice, more than doubled last year to €1.5m.
His salary increased by €85,000 to €400,000, while his pension contribution grew by €12,750 to €60,000.
Mr Rice's bonus rose by €188,150 to €500,000 while he received long-term incentives worth €545,643 under an earlier plan.
Mr Rice is also to participate in the new LTIP and stands to receive over 600,000 shares worth €700,000 in April 2025 if the company performance criteria mentioned earlier are met.
Earlier this month, Glenveagh reported a 50% increase in home sales for the year to the end of December as its revenues and profits rose.
Revenues for 2022 increased by 35% to €644.7m from €476.8m, while profits before tax rose by 38% to €63m from €45.7m the previous year.
