Michael Chadwick: honourable man.

Grafton chief turns down bonus

Published:  31 March, 2011

DUBLIN: Grafton Group executive chairman Michael Chadwick declined a pension allowance payment of £270 000 (€307 000) last year and also declined a bonus, according to its annual report published yesterday.

Mr Chadwick, who recently announced that he is to step down from his executive role in the summer, was paid a basic salary of €635 000, and other benefits totalling €30 000, last year.

But his two leading lieutenants received substantial bonus and pension payments as the group posted a 1% rise in sales to €2bn last year and an 88% increase in pre-tax profits to €25.6m amid challenging trading conditions.

Outgoing chief operating officer Leo Martin was awarded a €100 000 bonus on top of his €490 000 basic pay, while he also received a €294 000 pension allowance.

An additional €45 000 in other benefits brought his total package for the year to €929 000, compared to €825 000 in 2009.

The company's finance director, Colm O Nuallain, was awarded a €300 000 bonus in addition to his €500 000 pay packet.

He also received a bumper €337 000 pension allowance payment, while extra benefits totalling €22 000 raised his entire 2010 remuneration to nearly €1.16m – up over 35% on 2009.

Gillian Bowler, who last week announced that she is stepping down from the Grafton board after 16 years as a non-executive director, was paid €70 000 by the company last year.

Mr Chadwick, who will become non-executive chairman at Grafton this year, directly owns 8.5% of Grafton, and prior to 2010 had waived over €1.3m in salary, bonus and pension entitlements.

A family trust overseen by Mr Chadwick also owns a substantial amount of additional shares in the company.

Sign Up

For the Builders' Merchants News enewsletter.

In the spotlight

We have vacancies all over the UK for those who work within the Building Supplies sector.

Events Diary