The six executive directors of the Jefferson Smurfit Group received an average of £2 million each in remuneration last year, compared to an average of £1.48 million in 1996, the Smurfit annual report discloses.

The executive directors are chairman Michael Smurfit, his brothers Mr Dermot Smurfit and Mr Alan Smurfit, son Mr Tony Smurfit, chief operations officer Mr Paddy Wright and finance director Mr Ray Curran.

One of the main factors in the big jump in remuneration was £4.4 million in long-term incentives, although none of this was actually paid out in 1997 with the incentives accrued for payment at a later date. Basic salaries for the six increased from £2.7 million to just under £3 million, annual bonuses increased from £2.8 million to £3.3 million although there was a fall in pension contributions from £2.3 million to £1.3 million.

The 11 non-executive directors shared £557,000 in fees and other payments - an average of £55,000 each, compared to £516,000 shared by nine non-executives in 1996. Non-executive directors include former Taoiseach Mr Albert Reynolds, former EU Commissioner Mr Ray MacSharry, former Smurfit chief operations officer Mr Howard Kilroy and lawyer Ms Mary Redmond.