He took home more than $3 million in total remuneration this year, but Fortescue chief executive Nev Power has been shown up by at least one member of his executive.

Fortescue’s development manager Peter Meurs has emerged with the fattest pay packet at the Perth-based iron ore miner, recording a total remuneration package of just over $8.15 million for the year to June 30, 2012.

The salaries are reported in Fortescue’s annual report, which was released earlier today.

Mr Meurs is a relative newcomer to Fortescue, joining in May 2010 from engineering group Worley Parsons.

His base salary was just under $1 million and close to $6 million of his package related to share options.

Fortescue plans to alter its remuneration process in 2013 to give a greater weighting to return on equity.

Fortescue shareholders have endured a frightening few months after the company abruptly halted its expansion project, sold a power station and sacked staff on the back of slumping iron ore prices.

Chairman and founder Andrew Forrest, who was paid $165,677, said those job cuts had caused “very real pain” to many people, but said those people would always be welcome back “when the opportunity arises”.

Plans to expand to 155 million tonnes by mid 2013 have been scaled back to 115 million tonnes, but Fortescue said it still very much plans to revive its 155 million target when market conditions improve.

Analysts believe Fortescue needs the benchmark iron ore price to stay above $US100 per tonne for its current business plan to be viable.

The price briefly slumped below $US87 per tonne last month, but has since climbed back above $US100 per tonne in recent weeks. In the past two days the price has rebounded strongly and was testing $US118 per tonne earlier today.