Executive remuneration at Kingspan rose almost 28 per cent last year. The eight executives who sat on the board last year shared €3.85 million.

The figure was, however, skewed by the inclusion of a €438,000 severance payment for Mr Robert Barr, the former chief operating officer who left the group last October.

Basic executive pay amounted to €2.15 million, with pension contributions totalling €1.06 million.

Chairman and chief executive Mr Eugene Murtagh received the highest basic salary of €390,000 but Mr Brendan Murtagh, the head of corporate development, was the best-paid overall with a total package of €729,000.

The six non-executive directors who served at various stages of the year shared €214,000 in fees, up 62 per cent on the fees shared by four non-executives in 2002.