Yara increased its management bonus pot by 85% last year, when the fertilizer manufacturer achieved record results thanks to surging demand from farmers.

One manager, Ed Cavazuti, Yara's head of downstream operations, achieved nearly the maximum of 50% of basic wages which the group permits in performance-related salaries. With a total package of NKr12.2m ($1.84m) for 2008, Mr Cavazuti was the best paid of the group's currrent executives. Thorleif Enger, the top earner last year, retired as chief executive in September.

Although other managers received lower performance-related salary pay in krone terms, their awards were at least twice as high as those in 2007.

Anne Dalane, chief personnel officer, enjoyed a tripling to NKr538,000 in her performance bonus.

'Best year so far'

The payouts, revealed in the Norwegian group's annual report, reflected a year in which Yara reported record revenues of NKr88.8bn, up 54% year on year, and record earnings of NKr8.23bn, up 36%.

"Yara's performance over the past five years has been notable, with 2008 clearly the best year so far," said Jorgen Ole Haslestad, who became chief executive in September.

The group's total bill for remunerating executives rose by 21% to NKr88.3m, of which performance-related pay accounted for NKr9.39m.