THE heavy fall in Jefferson Smurfit profits last year from £420 million to £201 million has resulted in a sharp fall in bonuses paid to the seven executive directors of the group. The annual bonus for the seven Smurfit directors which is performance-linked - fell from £9.7 million to £2.8 million.

The group's annual report shows that basic salaries for the executive directors were broadly unchanged at a total of £2.69 million. However, their pension contributions were sharply higher - from £935,000 to £2.28 million - reflecting the fact that for those directors who receive much of their earnings from the US, performance-related pay is included when pensionable pay is being calculated. The remuneration figure also includes accrued long-term incentive payments of £2.28 million.