Cairn Energy’s chief executive Simon Thomson saw his total remuneration rise from £1.07million to £1.29m last year, according to the annual report just published. That was his highest package since the year of his appointment 2011 when he received £3.4m. Mr Thomson’s bonus fell from £422,458 to £409,648, but he was also granted 120,295 shares worth £217,975, some 23 per cent of the maximum award available under the performance-linked 2012-15 incentive plan.

Finance director James Smith received £710,016, compared with the previous year’s £789,384 which however included a £200,000 award on recruitment. His bonus rose from £229,969 to £266,438.

Mr Thomson’s salary for the current year is £554,390 and Mr Smith’s £360,579, a rise of 1.5 per cent on the previous year, compared with a rise of 2.5per cent for Cairn Energy employees. But the executives can earn up to three times their salary in share options.