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.