£60m pay of Tarmac boss moving his group to the US

Boss of construction giant CRH, which wants to move its share listing to US, has made more than £60m since joining firm a decade ago

The boss of FTSE 100 construction giant CRH, which wants to move its share listing to the US, has made more than £60 million since joining the firm a decade ago – and is in line for another bumper payout, The Mail on Sunday can reveal.

CRH, led by chief executive Albert Manifold, last week dealt a blow to the UK stock market by unveiling plans to move the main listing for its shares to New York.

The company, which is headquartered in Ireland and owns Tarmac, justified its call by saying North America now accounted for three-quarters of its earnings.

Links: CRH, led by Albert Manifold, is a big supplier to Scotland’s Queensferry bridge

The news added to concerns that the UK is losing out to overseas rivals. Chip designer Arm is set to list its shares in New York, while oil giant Shell – the largest company on the London stock exchange – and Paddy Power-owner Flutter are said to have mulled over similar moves.

One chief executive of a FTSE 100 company said he was ‘deeply suspicious’ about companies moving to the US market, adding: ‘I think they are driven by the prospect of US-style remuneration packages.’

Manifold, a relatively unknown City figure, is already one the highest-paid bosses of a quoted firm. Last year, he earned £12.4 million in salary and bonuses – almost 300 times the average pay of a CRH worker. That took his total pay since joining CRH in 2013 to £63 million.

He is expected to receive another multi-million pound bonanza after the building materials firm – which supplies asphalt, cement and paving – saw sales rise last year to £27.3 billion with pre-tax profit up 13 per cent to £4.6 billion. CRH, which has seen several shareholder revolts over boardroom pay, declined to comment. 

A source said that the UK represented only a very small part of the group and its nearest peers were all based in the US. But experts said less scrutiny of boardroom pay is one reason why some firms are looking to the US. A typical US chief executive is paid 400 times what a worker makes on average, whereas the gap between a FTSE 100 boss and the median wage in the UK is about 100 times.

Luke Hildyard of the High Pay Centre think-tank said it was a ‘depressing reflection of their values and motivation’ that executives needed such huge pay awards.

He also accused them of avoiding scrutiny and accountability.

‘Rather than engaging with stakeholder concerns and the role their businesses play in creating painful economic divides in society, boards are trying to run away from the problem,’ he added.

Read more at DailyMail.co.uk