Suncorp CEO John Mulcahy has conceded his controversial pay deal was poorly handled.

Speaking a day after the largest proxy shareholder protest vote against a remuneration package for a major Australian company, Mr Mulcahy told Sunrise Exchange News his new salary package "could have been done some other way".

"The quantum wasn't an issue, nor the concept or the outcome, he said. "But clearly the policy issue of using that vehicle, which is the wiping of hurdles, was probably the wrong policy issue.

"With 20/20 hindsight it was a very easy vehicle to implement what is a good outcome."

Last week shareholders voted in a non-binding ballot on a new pay deal for Mr Mulcahy that removed performance hurdles on his 2004 and 2005 shares, provided he stays head of the company until 2010.

The share portfolio is valued at $4.6 million.

Mr Mulcahy received a $200,000 pay rise, taking his base remuneration to $2 million, and an additional 180,000 shares as a long-term incentive.

The decision to remove performance hurdles riled shareholders, who are expecting strong synergy gains from the Promina acquisition.

Since announcing the takeover of Promina in October last year, Suncorp's shares have fallen more than 10%.

Around 41% of proxies were against the remuneration report presented at the Suncorp AGM last week.

Mr Mulcahy said the decision to dump performance benchmarks was made by the Suncorp board. He also revealed some of his new salary deal has already been paid.

"That's a contract that has been signed. Some of that has already been paid. It was a renegotiation of my contract due in January 2008.

"The board saw fit to renegotiate my contract from a retention perspective."