CRH facing revolt on bosses' pay

CRH, the building materials giant listed on the FTSE 100 index, is set to join the ranks of major companies suffering shareholder revolts over pay this week.

Fund managers said they were unhappy at the way the board has agreed pay rises at the company.

It awarded chief executive Albert Manifold an increase of 8.5% in his basic salary in 2016 to €1.4 million.

He also secured a deal to have a bonus of 225% of his salary, up from 150% before. Shareholder group ISS is recommending a vote against.

Separately, pharmaceuticals giant Shire is set for a big vote against the pay of chief executive Flemming Ornskov, whose pay tripled last year following a flurry of acquisitions.

Sacha Sadan, the head of corporate governance at Legal & General, which is considering voting against both companies’ pay deals, criticised shareholders who refuse to vote against exorbitant pay deals, preferring to tick the “abstain” box if they disapprove.

Sadan noted that even at Anglo American, where 42% of the vote went against the directors’ pay, 11% abstained.

“We do not abstain on anything,” he said. “That is not a fair use of my clients’ money.”