Frontline’s chief executive Lars Barstad received $2.08m in total remuneration in 2023.
He had a base salary of $404,000 and variable pay of $1.66m, according to the annual report.
The pay covers a year in which Frontline concluded an 18-month takeover battle for Euronav, culminating in the largest sale-and-purchase deal in the history of the VLCC market.
The pension expense was $24,000.
In 2022, Barstad made a total of $1.22m. His base salary was then $376,000, while his bonus was only $820,000.
Oslo-listed Frontline enjoyed strong tanker markets in 2023.
The VLCC owner was one of the best-performing shipping stocks on the Oslo Stock Exchange.
Barstad, who has been CEO since October 2020, also holds 180,000 stock options.
The initial exercise price in 2021, when the first options were approved, was NOK 71 ($6.45).
Frontline shares have risen about 30% to NOK 262 in Oslo this year. The market cap is now around NOK 58.4bn ($5.3bn).
Chairman Ola Lorentzon also got a huge bonus increase in 2023.
He received $662,000 in variable pay and $150,000 in fixed fees.
In 2022, Lorentzon’s bonus was $238,000. He holds 72,000 stock options.
Lorentzon, who has been a director of Frontline since May 2015, became chairman in May 2021.
The main shareholder, John Fredriksen, got total compensation of $391,000 as a non-executive shareholder for 2023.
Fredriksen’s Hemen Holding holds around 79.1m Frontline shares, equivalent to 35.6%, according to the report.
James O’Shaughnessy, who is a non-executive director and chairman of the audit committee, received $401,000 in total compensation, including a $331,000 bonus.
The other directors were paid a fixed fee of $60,000 to $70,000 for the full year.
