For the second year in a row, the executive chairman of building products group Grafton, Mr Michael Chadwick, has waived the vast bulk of his salary.

Mr Chadwick's total remuneration package last year was €470,000 but he waived all but €45,000. In 2000, Mr Chadwick waived all but €40,000 of his €444,000 remuneration package. Grafton's remuneration committee awarded Mr Chadwick a basic salary of €311,000, a bonus of €132,000 and other benefits of €27,000.

He has refused to comment on his decision to waive the bulk of this, stating it was a purely personal matter.

Mr Chadwick is the biggest individual shareholder in Grafton and last year received dividends of more than €1.4 million for his 10 per cent of the company. In 2000, his dividends from the company totalled €1.16 million. In addition, a family trust in which Mr Chadwick has a non-beneficial interest received almost €225,000 in dividends, an increase on the €185,000 it received in 2000. Mr Chadwick's stake in Grafton is currently worth more than €72 million.

Grafton chief executive Mr Norman Kilroy, who made a €640,000 profit on share options last year, received a total package of €377,000 in 2001 - up from €357,000 - while finance director Mr Colm O'Nuallain, who made €250,000 on share options during the year, received a total of €376,000 - up from €348,000. The fourth executive director Mr Fergus Malone had a total package of €280,000, up from €267,000. Pension contributions totalling €589,000 were also paid by the company on behalf of the four executive directors.

The three non-executive directors: Mr Anthony Collins, Ms Gillian Bowler and Mr Richard Jewson - received between €32,000 and €44,000 in fees, the same as they received the previous year.