Smurfit faces tough questions over bonus

Chief executive of the Smurfit Corporation, Michael Smurfit, has faced hostile questions at the company AGM over a bonus of €3m paid out to him last year.

The bonus was given to Mr Smurfit on top of his €2m salary, despite the fact that the share price has fallen in the past two years.

Responding to questions, Ray McSharry, head of Smurfit remuneration, said the company had reached targets, therefore the bonus had been paid.

He said requests for it to be handed back would not be entertained.

Mr Smurfit himself said he could not explain the fall in share price, but added that the profits of €442m before tax are the company's second-highest ever.