Tony Smurfit is very much in the spotlight these days on the back of a takeover approach from rival International Paper (IP).
The Americans have come in with a big offer on the table and Smurfit and his colleagues will really have to deliver the goods in order to justify their reluctant attitude.
Two indicative proposals have been rejected by the Smurfit board — it remains to be seen whether there will be a third.
A strong earnings update for the first quarter will help Smurfit make the case that his company is better off as a standalone.
But the rationale for a combination — with Smurfit strong in Europe and IP strong in the US — seems pretty compelling on the face of it.
Smurfit’s figure here is based on his package as broken out by the company, plus LTIP benefits that vested in the early part of 2017.