The chief executive of Bank of Ireland, Brian Goggin, has become the best paid executive of an Irish stock market listed company.

According the bank's annual report, released this morning, Mr Goggin - who has been chief executive since 2004 - earned just under €4m in the 12 months to the end of March. That represents an increase of 58% on the previous year.

Mr Goggin took home a basic salary of €1.1m but he earned almost twice that by way of a performance bonus. He earned further money from other payments.

The chief executive of rival AIB Group, Eugene Sheehy, earned a total of €2.4m last year, while the chief executive of the biggest listed company, CRH, earned €2.6m.

At Anglo Irish Bank, its chief executive David Drumm earned just over €3m in 2006, in his first full year at the helm.

Those figures generally exclude the value of company share options, which further enhance the value of company executives' employment terms.

Bank of Ireland has also announced a proposal to appoint three new non-executive directors at its annual meeting on July 17.

They are: Rose Hynes, a current director of Bank of Ireland Mortgage Bank; Jerome Kennedy, a director of Bank of Ireland Life; and Heather Ann McSharry, general manager of the Irish division of Reckitt Benckiser, a global household, health and personal care company.