James Hardie shareholders voted to approve pay rises for its board last night at its AGM in Amsterdam.

The board’s collective cash pay is now increased to a maximum $US1.5 million ($1.99 million) a year – up from $US650,000 ($862,671).

Last week, Chairman Meredith Hellicar defended the company’s right to almost double its directors’ fees before a compensation package for victims of asbestos-related diseases is completed.

She told a shareholders’ meeting in Sydney the company is frustrated at the continued stalemate over compensation to victims. The pay rise for directors is “the only way to attract suitable talent to the board”.

Ms Hellicar’s new pay will rise from $US179,000 ($237,566) to $US300,000 ($398,144), while directors’ pay will be almost doubled to $US100,000 ($132,714) each.

The company established a trust in 2001 to pay asbestos victims, but it is expected to run out of money in December.