Telecom chief executive Paul Reynolds was paid $5.2 million last financial year.
That includes his base salary, performance bonuses and special payments for accommodation and travel during the year to the end of June.
Dr Reynolds was paid $3 million in 2010 and $5 million in 2009.
Telecom chairman Wayne Boyd says Dr Reynolds has more than achieved the objectives set for him and his team and this is reflected in his remuneration.
Meanwhile Mr Boyd says rights for shares, worth more than $583,000 when they were issued three years ago as part of an incentive scheme, have lapsed.
Dr Reynolds is likely to have been paid about $20 million for his five years with Telecom, when he leaves next June, after leading the telco through its separation into network and retail firms so it can participate in the Government's ultra-fast broadband initiative.