Ryanair CEO Michael O'Leary earned €3.16 million last year, according to the company's annual report.

That was up 26% on the previous financial year.

While his base salary of just over €1m and bonus of €855,000 were more-or-less unchanged, the Mullingar businessman's earnings from the over 50m shares he owns in the airline was up substantially.

He received €1.25m in dividend payments last year, up from €500,000 in the previous period.

In its report, Ryanair stated:

"In keeping with the company's remuneration policy… the CEO's total remuneration is low by comparison with CEO pay of similar-sized EU airlines or other Irish plcs.

"The company does not provide the cost with any pension contributions or other benefits which is in keeping with the low-cost ethos of the airline."

Looking at the senior executive team, the total paid out was €10.3m, up from €9m in 2015.

While basic salary and bonuses actually fell €200,000 for senior executives, share-based compensation nearly doubled to €3.1m.