Eircom's four executive directors shared salaries, bonuses and benefits worth €3.39 million in the year to the end of March 2005.

The firm also paid €486,019 into the four top executives' pension scheme and awarded them €1.31 million share options at an excise price of €1.50, according to the telecoms firm's 2005 annual report.

The report shows Eircom chief executive, Philip Nolan, scooped the largest remuneration package from the telecoms firm, which lost €71 million during the 2005 financial year.

His package topped €1.64 million and comprised a base annual salary of €707,000; a bonus worth €511,868; pension entitlements worth €353,500, and benefits in kind - such as private health insurance and car allowances - worth €45,151.

Dr Nolan was also awarded options on 471,333 Eircom shares at an excise price of €1.50, which can be cashed from June 27th, 2007.

In his review of the company in the annual report, Dr Nolan said there was much to celebrate in Eircom's first full year as a public company. Dividends had met expectations and the stock has appreciated. Bondholders have seen the value of their investment increase, he added.

Peter Lynch, Eircom's chief financial officer, received a salary and bonus worth €781,324 and €69,960 in pension entitlements. He was also granted options on 310,667 shares at an excise price of €1.50.

Cathal Magee, managing director of Eircom retail, was paid a salary and bonus worth €775,490. He also received pension entitlements worth 13,059 and options on 310,933 shares. David McRedmond, Eircom's commercial director, was paid salary and bonus worth €548,637. He received pension entitlements worth €49,500 and options on 220,000 shares. Eircom chairman Sir Anthony O'Reilly was paid director's fees worth €132,500 in the year to the end of March 2005.

Con Scanlon, Eircom vice-chairman, was paid €29,695 in fees. The remainder of his €76,305 fee was paid to the Employee Share Ownership Trust (Esot) in consideration of making Mr Scanlon's services as a director available.

The seven non-executive directors of Eircom - John Conroy, Didier Delepine, Kevin Melia, Maurice Pratt, Irial Finan, Padraic O'Connor and Donal Roche - each received €75,000 in fees.

The total remuneration paid to Eircom's executive and board members fell to €4.08 million in the year ending March 2005, compared to €6.78 million in the previous 12 months.