Smurfit Kappa chief executive Gary McGann earned €2.54 million in 2011, 3.8 per cent lower than the €2.64 million he was paid in 2010.

Mr McGann’s salary was flat at €1.26 million last year while his bonus declined to €617,000 from €692,000 in 2010. However, as part of his bonus package last year, Mr McGann also received a deferred award of 41,855 shares under a new scheme for executives.

The shares had a market price of €8.27 at the time of the award. There was also a matching award that will convert to shares based on the achievement of certain performance targets.

Mr McGann, a director of Anglo Irish Bank before its collapse in 2008, received a pension payment last year of €625,000, the same as in 2010. Other benefits amounted to €37,000, compared with €61,000 in 2010.

Tony Smurfit, the chief operations officer, earned €1.58 million last year, compared with €1.68 million in 2010. Chief financial officer Ian Curley was paid €1.39 million, compared with €1.47 million in the previous year.