CRH - AGM 23 April 2020
Item 3: Remuneration report
The total remuneration of €9.7m granted to Mr. Manifold, CEO, is excessive given the Companyns size and scale, its sector and its performance. His pension benefit largely exceeds the peer average and the wider workforce level and, thus, does not comply with the UK Corporate Governance Code 2018. There are multiple KPI metrics in place, however, CRH chose to overlap STI and LTI performance criteria. In 2019, RONA (Return on Net Assets) reduced the TSR weight and now, 75% of the LTI is based on the same criteria with the annual bonus. Moreover, RONA and Cash Flow have been defined as reported internally.
The remuneration of Non-Executive Directors also exceeds the index and country medians.
Item 6: Appointment of a new auditor
Deloitte will replace Ernst & Young, who has audited the Company since 1988 (32 years).
CRH is a diversified international building materials company. Co. is engaged in the manufacture and distribution of a range of building materials products from the fundamentals of heavy materials and elements to construct the frame, through value-added products that complete the building envelope, to distribution channels which service construction fit-out and renewal. Co. operates seven operating segments: Europe Heavyside, Europe Lightside, Europe Distribution, Americas Materials, Americas Products, Americas Distribution and Asia.
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