Kingspan chief executive Gene Murtagh's pay rose more than 9 per cent last year to €1.915 million, the group's annual report shows.

The insulation manufacturer’s annual report shows it paid Mr Murtagh €698,000 in salary and fees. Meeting agreed earnings per share and profit targets earned him €698,000 cash bonus and €349,000 in deferred shares.

Benefits and pension contributions brought the total to €1.915 million, 9.75 per cent more than the €1.745 million that Mr Murtagh received the previous year.

Geoff Doherty, the chief financial officer, earned a 4.9 per cent increase in his package to €1.445 million from €1.378 million. Kingspan paid him a salary of €514,000 and a cash bonus of the same amount. He received deferred shares of €257,000 while benefits and pension contributions raised his total to €1.445 million.

Overall executive pay at Kingspan rose 4.7 per cent to €7.25 million from €6.9 million. Divisional head Russell Shiels actually took a modest pay cut to $1.515 million from $1.528 million.

Peter Wilson, managing director of its insulation business, saw his pay increase by 4.5 per cent to £1.012 million.

Gilbert McCarthy, managing director of its insulated panel manufacturing businesses in the Republic, UK, western Europe and Australia, received an 18 per cent pay rise to €1.3 million.