Smurfit Kappa is planning to improve the terms of a share bonus plan to top managers, after the chief executive of the cardboard box maker, Tony Smurfit, saw his pay package jump by 43 per cent last year to €5.26 million. It also aims, subject to a shareholder vote at an annual general meeting at the end of April, to increase stock bonus awards for chief financial officer Ken Bowles to 205 per cent of salary from 280 per cent. The chair of the remuneration committee, John Moloney, said that a review occurred against the backdrop of Smurfit Kappa delivering €3.85 billion of “shareholder value” through market value growth and dividends since the end of 2017. While Mr Smurfit’s basic salary remained unchanged at €1.11 million last year, his variable pay, including cash bonuses and share awards, jumped to €3.89 million from €2.29 million in 2019. A small portion potential awards share bonus plans are linked to Smurfit Kappa reducing its CO2 emissions, water discharges and waste going into landfill.

Source: The Irish Times March 30, 2021 09:55 UTC