Three directors of Glenveagh Properties share €2.2m pay package for 2021

The three executive directors of Glenveagh Properties shared total remuneration of more than €2.2 million in 2021, up 79 per cent on their combined remuneration the year before, according to the homebuilder's annual report.

The company's chief executive and co-founder Stephen Garvey was paid a package of €988,213 in base pay, benefits, pension contributions and a performance bonus for the year. His bonus arrived at €445,500.

Mr Garvey also earned €4.6 million in September 2021 from selling 4 million shares in the listed Irish property developer at a price of €1.156 each.

Co-founder John Mulcahy was paid €541,250, including a €222,750 bonus, for a year in which he served as executive chairman. He has since moved to become non-executive chairman.

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Glenveagh chief financial officer Michael Rice received a package worth €690,370, which included an annual bonus of €311,850. Mr Rice's pay package increased almost 83 per cent, Mr Garvey's was up more than 82 per cent and Mr Mulcahy's rose 70 per cent compared to the previous year.

When fees to non-executive directors are included, this brought top pay at Glenveagh last year to a pot of about €2.58 million, up from €1.57 million.

No bonuses were paid in 2020, a year in which the Covid-19 crisis curtailed housebuilding activity to a greater extent than it did in 2021.

Glenveagh earned pre-tax profits of €45.7 million last year, turning around a €15.7 million loss in 2020, while its revenues more than doubled to €476.8 million. The company built 1,150 new homes, a 47 per cent increase on 2020.

Close to maximum

Richard Cherry, chairman of Glenveagh's remuneration committee, said the bonuses payable to executive directors had been 99 per cent of the maximum possible under its remuneration policy as a result of this performance.

Mr Cherry, who will step down from the board at its next agm, said the committee believed this was “wholly appropriate in light of the exceptional circumstances”.

The company changed its remuneration policy last year, with the update designed in part “to incentivise our management team in the competitive housing market”. The changes, which were approved by Glenveagh shareholders at its May 2021 agm, included increases to the maximum annual bonuses that can be paid to directors.

The average salary paid to non-director employees of Glenveagh last year was €98,350, up from €73,610.