The chairman and chief executive of credit rating agency Moody's was handed close to $8.2m (€6.1m) in compensation last year, more than double the previous year's figure, despite coming under fierce criticism over a change to the way the agency ranks banks.

According to a filing made to the Securities and Exchange Commission yesterday, Raymond McDaniel received a base salary of $900,000, up from $675,000 the year before, with stock and option grants and awards worth a combined €5.6m when they were awarded on February 28 last year, with other compensation adding an extra $1.7m to his total pay package.