SMURFIT KAPPA chief executive Gary McGann’s total pay fell by 5.1 per cent last year to €2.23 million, according to the packaging group’s latest annual report.

The report shows that Mr McGann’s basic salary and fees were frozen at €1.26 million last year while his bonus was reduced to €284,000 from €406,000 in 2008.

Mr McGann earned €625,000 in pension payments last year – the same as in 2008 – while his “benefits” rose slightly to €60,000.

Smurfit’s annual report also states that Mr McGann earned €142,000 as a non-executive director of United Drug and Aon Ireland.

Mr McGann stepped down as a non-executive director of Anglo Irish Bank in 2009.

It emerged last month that he had €10.64 million outstanding in personal loans with the now nationalised institution at the end of December 2009.

Smurfit paid its three executive directors €4.86 million last year, down from €5.23 million in 2008.

Chief operations officer Tony Smurfit earned €1.39 million in 2009 compared with €1.54 million the previous year. His bonus was cut from €322,000 to €196,000.

Chief financial officer Ian Curley earned €1.24 million last year compared with €1.34 million in 2008. His bonus declined from €287,000 to €187,000.

Smurfit chairman Liam O’Mahony earned €300,000 in 2009, his first full year in the role, having succeeded Seán FitzPatrick in December 2008.

Mr FitzPatrick, who resigned from Smurfit in the wake of his departure from Anglo Irish Bank, had earned €300,000 as chairman in 2008.

Smurfit’s 10 non-executive directors were paid €1.12 million last year, down slightly on €1.14 million in 2008.

Bonus payments to its executive directors fell by 34 per cent to €667,000.

The report also states that Smurfit’s three-year objective for cost savings is to rise to €300 million from €250 million and is to be achieved by the end of 2010.