Mr Lord, who will leave the company on April 1 next year, was rewarded with $1.17 million in long-term incentives for the year.

Together with his base salary of $597,000, short-term incentives of $200,000 and other entitlements, it took his total remuneration for the year to $2.047 million.

The long-term incentive scheme was introduced by WCB at the 2012 annual general meeting. Mr Lord is the only employee included under the scheme.

The long-term incentive was in the form of share rights, accumulated in the 2012/13 and 2013/14 financial years, which were sold to Saputo for $9.40 per share.

The sale boosted Mr Lord’s income by $1.1 million on the previous year.

The details were released on Wednesday when WCB posted its annual report on the Australian Securities Exchange website.

The report shows that average remuneration for the company’s eight executives, excluding Mr Lord, was $381,000, topped by chief financial officer William Hannah at $452,000.

The company had earlier declared an after-tax profit of $21.3 million from a revenue of $609 million for the 2013/14 year.

The report shows the takeover process cost the company $10.7m before tax in takeover defence and rights issued as result of the takeover.

The report shows that WCB now has only 20 shareholders with more than 10,000 shares. Saputo owns 87.92 per cent, Lion holds 9.98 per cent, with the remainder held by individuals and investment funds. The largest holder after Saputo and Lion is an investment fund, ACF Sandon Capital Investments, which owns 145,000 shares, or 0.26 per cent of the company.

Lion has indicated it has no immediate intention of selling its holding, denying Saputo full control of WCB and de-listing it from the stock exchange.

WCB has moved this year’s annual general meeting from Warrnambool to Melbourne. It will be held at 9.30am on October 15 at the Minter Ellison building in Collins Street.