Smurfit Kappa share bigger pay pot as profits return

DIRECTORS’ remuneration at paper and packaging group Smurfit Kappa grew by nearly €1 million last year in the aftermath of the business returning to profit.

Total pay for directors amounted to €6.93m in 2010, up from just over €5.9m a year previously.

As well as his basic salary of €1.26m, group chief executive, Gary McGann received an annual bonus of €692,000, a pension contribution of €625,000 and additional benefits amounting to €61,000. This brought his total remuneration to €2.64m, up from €2.23m in 2009.

Tony Smurfit — the Dublin-headquartered group’s chief operating officer — received total remuneration of €1.68m; €300,000 more than in 2009. This was chiefly made up of a basic salary of €874,000 and an annual bonus of €479,000, before various benefits and pension contributions were taken into consideration.

The company’s other executive director — chief financial officer, Ian Curley — saw his total package go from €1.24m to €1.48m. Mr Curley’s basic salary amounted to €746,000 last year and he received an annual bonus of €410,000.

His pension contributions and additional benefits added another €320,000 to his total.

In line with the other non-executive directors, former CRH chief Liam O’Mahony — who became SKG’s chairman in 2008 — saw no change to his remuneration (which amounted to €300,000).

Smurfit Kappa published its full-year 2010 results in February; showing how it increased group revenue by 10% to €6.7bn and turned a pre-tax loss of €52m in 2009 around to a pre-tax profit of €103m last year. Operating profits for last year were up by over 50% at €409m, with earnings per share of 22.9c replacing a loss per share, in 2009, of 55.8c.

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