Stephen Garvey, CEO of Glenveagh Properties, saw his salary rise to almost €1 million in 2021


THE boss of developer Glenveagh Properties, Stephen Garvey, was handed nearly €1million last year after receiving a big bonus as the company turned profitable. That is almost twice as much as in 2020.

The company’s annual report, released today, shows that Mr Garvey’s base salary was unchanged over the past year at €450,000. However, in 2021 he received a bonus of 445,000 euros. In 2020 he was not paid a bonus. His total salary last year was 988,000 euros, including other benefits.

Glenveagh’s revenue rose 105 percent last year to 477 million euros, while the company posted a pre-tax profit of almost 46 million euros, compared to a loss of almost 16 million euros a year earlier.

The listed group completed 1,150 units last year, a 64 percent increase over 2020.

The annual report shows that Michael Rice, Glenveagh’s Chief Financial Officer, received a total of €690,000 last year compared to €378,000 in 2020. Last year he received a €311,000 bonus.

Chairman John Mulcahy received a total of €541,000 in 2021, including a €222,000 bonus. Mr Mulcahy – a former Nama executive – was chairman of the board but is moving to a non-executive position.

“In the context of the housing crisis in Ireland we see our company as a frontrunner,” explained Mr Garvey in the annual report

“When fully scaled, we will meet 10 percent of the country’s housing needs each year,” he added. “The challenge we have set ourselves is to deliver this case with sustainability and relentless innovation at its core.

“I hope the government will act quickly to ensure an appropriate planning framework and system to support the government’s goal of expanding the industry to 34,000 homes per year.

“Even issues like high cost price inflation are on our radar.”

In an interview this week in the Irish IndependentMr Garvey warned that the next generation of house-seekers may have to settle for renting unless planning rules are revised.

Mr Garvey said current density requirements mean Glenveagh and other developers typically have to finalize plans where half the units are houses and half apartments.

“The demand for apartments comes from only one customer – these are institutions. There is no private demand out there,” he said.

“Half of everything we produce today has to be apartments. If we (the country as a whole) produce 35,000 units a year, fewer than 17,500 will be single-family homes with their own doors.”

Mr Garvey said that with around 5,000 one-off housing units being built by individuals across the country each year, there are only 12,000 homes left for sale. Stephen Garvey, CEO of Glenveagh Properties, saw his salary rise to almost €1 million in 2021

Fry Electronics Team

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