In its preliminary final report for the 12 months ended June 30 released today, Sims Metal Management reveals Mr Dienst, 43, received a cash bonus of $2.67 million on top of his base salary of $1.33 million and shares worth $1.36 million.
Included in the bonus was a cash payment of $1 million paid on April 1 this year related to the completion of a merger between Sims Group and the north American Metal Management, which Mr Dienst had headed since 2004.
"The Integration Committee determined that the integration objectives were completed successfully and ahead of schedule and, as a result, the board approved early payment of the maximum integration bonus," Sims Metal Management said in its report.
Sims Metal Management yesterda posted a net loss of $150 million for the 2008/09 financial year, due to over $322 million in impairments and one-off charges as a result of the global financial crisis.
Included in those costs were $5 million in redundancies, as the company parted ways with 1200 employees, or 16 per cent of its staff.
"We have made ourselves leaner, unfortunately at the expense of families all over the world," Mr Dienst told analysts today.
Sims Metal Management shares also fell dramatically in the year, from from around $37 at the beginning of July 2008 to $11.50 just five months later.
The share price has since recovered somewhat, to $22.82 at 1.23pm (AEST).
"The board is of the view that the financial rewards provided to executives are consistent with the company's performance," Sims Metal Management said in its report.
The former chief executive of Sims Group, Jeremy Sutcliffe, was paid $8.38 million in 2007/08, including a termination payment of over $1.5 million and an extra three months salary of nearly $400,000.
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