Walsh, who led British Airways before it merged with Iberia in 2011, was awarded a £1.2m bonus, or almost 70 per cent of the maximum based on BA operating profit and Iberia cash flow.
He was also handed £2.6m as long-term share awards vested. His pay packet compares to a relatively paltry £1m in 2012, when the firm’s struggle to fix Iberia left management with no bonuses and no long-term share awards vested.
Keith Williams, the chief executive of British Airways, was paid £3m for last year, of which £1.5m was from long-term share awards and £670,000 in an annual bonus.
IAG uses Ernst & Young as its external auditor and said it last put the contract out to tender in 2010. EY was paid €5.5m by the firm last year.