IT was a week best forgotten for the Smurfit Group and its chairman and chief executive, Michael Smurfit. Still smarting from backing down in a dispute with institutional fund managers over elements of his £10 million long term remuneration package, Dr Smurfit had a downbeat message of weak markets and falling product prices for shareholders at a tetchy annual general meeting. The share price reacted unfavourably, with some analysts reducing earnings projections for the group.

In a mini rebellion the institutions, led by Standard Life, had withheld voting proxies ahead of the a.g.m., objecting to the element of the package which linked Dr Smurfit's potential payout to increases in the share price and shareholders dividends. Agreement was reached on a modification which relates the chairman's long term bonus scheme to the performance of industry competitors. The annual profit related bonus scheme, worth up to £2. 5 million to Dr Smurfit, is unaffected.