Danish shipping giant Maersk has published executive pay figures for the first time, revealing chief executive Soren Skou received DKK 38m ($5.5m) last year.

The figures also show that former executives are still being paid — sometimes for up to two years after resigning.

Skou's pay package ranks fourth in Denmark in terms of director salaries, according to Maritime Denmark.

His fixed pay was DKK 20m, with the extra was made up of bonuses and shares.

The figure was published as the company posted a loss in the fourth quarter as it adjusted vessel capacity to protect its margins.

The group said the net deficit was $61m, against a profit of $44m in the same period of 2018. The group paid more tax last year.

The highest-paid boss in Denmark is Deborah Dunsire, chief executive of pharmaceuticals company Lundbeck, who banked DKK 57m in 2019.

As a comparison, Clarksons boss Andi Case saw his overall remuneration package fall from £4.04m ($5.66m) in 2017 to £2.76m in 2018.

The publication of the pay report is part of an effort by Maersk to reorganise its remuneration structure.

“In line with our strategy, our ambition is to transform the business so that it is less affected by external factors," it said.

"In this regard, the board intends to review the overall remuneration structure with a focus on strengthening the relationship between salary and earnings."

Engelstoft in second place

The second-highest wage at Maersk belonged to Morten Engelstoft, chief executive of APM Terminals, who earned DKK 20.2m.

His salary was closely followed by departing finance chief Carolina Dybeck Happe, who pocketed DKK 19.5m.

Dybeck Happe is leaving to join General Electric, which meant she lost out on stock options at Maersk worth DKK 5m.

She was paid DKK 3.4m to compensate her for other awards she lost by joining Maersk last year.

Vincent Clerc, chief executive of Ocean & Logistics, received DKK 17.5m.

Three former employees also featured on the list.

Ex-Energy chief executive Claus Hemmingsen got DKK 17.6m, while former chief operating officer Soren Toft banked DKK 13.8m, having lost out on options worth DKK 3.75m when he joined rival Mediterranean Shipping Co.

Ex-chief financial officer Jakob Stausholm was paid DKK 10.9m.

Legacy payments

Hemmingsen stepped down in June 2019, but he is still being paid until 30 June 2021.

Stausholm quit in March 2018 and is still being paid up to the end of March this year "after a proportional offset from his new job pay".

Maersk chairman Jim Hagemann Snabe is paid DKK 7m.

Vice chairman Ane Maersk Mc-Kinney Uggla received DKK 1.9m.

Other directors receive DKK 950,000 per year.

The total pay of the executive board amounted to DKK 137.6m.

Maersk said it had passed several milestones in its transformation plan in 2019.

"Our business performance met the expectations, the financial performance was improved, and the overall outcome was assessed at 119% of target," it added.

"Our key financials, including Ebitda, cash return on invested capital and gross profit of Logistics & Services, were in line with expectations, even though the macroeconomic conditions continued to weaken throughout the year."