The head of Irish building materials giant CRH has been ranked as the third highest paid chief executive on the FTSE 100, according to a new report by the High Pay Centre.
Albert Manifold was paid £10.38 million (€12.1 million) last year for his role as chief executive of CRH, a position which he has held since 2014. His pay for 2022 was surpassed by only two other chief executives.
Topping the rankings was the chief executive of AstraZenica, Pascal Soriot, who was paid £15.32 million, followed by the head of BAE Systems Charles Woodburn, who was paid £10.69 million
Research published by independent think tank the High Pay Centre highlights the pay received last year by chief executives of the biggest companies listed in the London Stock Exchange.
The news comes as CRH is set to move its primary stock market listing to New York from London next month, with Mr Manifold predicting “significant benefits” from the switch.
In June, shareholders voted overwhelmingly in support of the move to New York, as well as to delist from the Dublin Stock Exchange completely. The switch is due to happen next month.
The High Pay Institute’s report found that the remuneration of chief executives on the FTSE 100 surged by 16 per cent in 2022, as most workers were struggling to keep up with inflation.
Median pay for a FTSE 100 chief executive increased from £3.38 million in 2021 to £3.91 million in 2022, the highest level seen since 2017.
The research shows that the median FTSE 100 chief executive is now paid 118 times the median UK full time worker, up from 108 times in 2021 and 79 in 2020.
Some 46 chief executives of companies on the index were paid more than £4 million in 2022. This includes the head of Irish packaging group Smurfit Kappa, Tony Smurfit, who received £4.96 million, and Peter Jackson, the chief executive of Paddy Power owner Flutter Entertainment, who got £4.08 million.
Also listed on the FTSE 100, Dublin-based sales, marketing and support services group DCC paid its chief executive Donal Murphy £3.09 million in 2022.
High Pay Centre director Luke Hildyard said that while households are struggling with living costs, “an economic model that prioritises a half a million pound pay rise for executives who are already multi millionaires is surely going wrong somewhere”.
“How big employers distribute the wealth that their workforce creates has a big impact on people’s living standards. We need to give workers more voice on company boards, strengthen trade union rights and enable low- and middle-income earners to get a fairer share in relation to those at the top,” he said.
