Ryanair boss Michael O’Leary earned almost €3.4 million last year – with his weekly pay approaching €65,000.
He received a bonus of €770,000 for his performance at the low-cost airline as revenues climbed by 6% to €7.6 billion.
While passenger numbers rose by 9% to 142 million, additional costs and cheaper fares contributed to pre-tax profits falling by 35% to €948 million.
Mr O’Leary’s €770,000 bonus came after 58-year-old lost out on €1 million, which he waived as a result of last year’s pilot rostering failure.
Mr O’Leary signed a new five-year contract commencing on April 1 and is due to expire July 31, 2024.
The report reveals he agreed to a 50% cut in base pay from approximately €1 million and the same reduction to his maximum annual bonus to €500,000.
The report says Mr O’Leary’s remuneration is considerably lower than many other European airline CEOs and less than what he was paid in previous years.
It reveals the contract also includes 10 million share options at a strike price of €11.12 which are exercisable at a price of €11.12 if the net income of Ryanair exceeds €2 billion in any year up to 2024.
The report states these targets means Mr O’Leary “is fully aligned with, and committed to delivering superior returns for shareholders”.
The report added: “The maximum annual accounting cost of the CEO’s remuneration is €2.8 million over the five-year term, comprising of base pay of €500,000 per annum, maximum performance bonus of up to €500,000 per annum and a €1.8million charge for 10million share options granted.”
Mr O’Leary has a 3.9% share in Ryanair which is valued at €416 million.
