Paper pay cut for Orora chief

Orora CEO Nigel Garrard has taken a pay hit despite the upward swing of the group's share price and its earnings bonanza since the Amcor de-merger in 2013.

Orora chief executive Nigel Garrard's annual pay has fallen by half a million dollars on last year - on paper at least.

Mr Garrard, who joined Orora's parent company in 2009, received a total $3.72 million in remuneration for 2016/17, down from a revised $4.1 million in 2016 due to changes in the value ascribed of long-term entitlements, according to Orora's annual report.

Since the diversified packager was spun out of Amcor in December, 2013, Orora has more than doubled its earnings and its share price is up more than one and a half times.