–KANSAS CITY (AP) - Hugh Grant, chairman and chief executive of Monsanto Corp., received a compensation package valued at almost $10.8 million in 2007, according to a regulatory filing yesterday.

Mr. Grant, 49, has served as chairman and CEO of the world's largest seed company, since May 2003.

A proxy statement filed with the Securities and Exchange Commission said Grant received a base salary of $1.13 million, incentive plan compensation of about $3 million and other compensation of $345,423, which included contributions to his savings and investment plan, personal use of corporate aircraft, home security costs, club dues, tax payments covering those club dues, tickets to sporting events and personal transportation costs.

He also was awarded restricted stock and stock options that had an estimated value of $6.3 million in October 2006, when they were granted.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

In the year ending August 31, the St. Louis-based company said it earned $993 million on sales of $8.56 billion, up from a profit of $689 million on sales of $7.39 billion during the previous year.

Mr. Grant told investors that the year was a benchmark for the company, as more of the world's farmers purchased Monsanto products.

The company's growth led the board of directors to expand the group of companies it uses to gauge the adequacy of its executive compensation and said it increased Mr. Grant's annual salary 18 percent to $1.36 million for 2008.

The proxy also described a couple of shareholder proposals that are to be voted on during the company's annual investor meeting on January 16 in St. Louis.

The first, proposed by a number of religious-linked hospitals and other organisations, recommends splitting the chairman and CEO positions, saying it would give the board greater independence and oversight of the CEO's performance.

Monsanto's board opposes the proposal, saying its board is already structured to be independent and Mr. Grant has performed well in the current set-up.

The second proposal, offered by Napa, California-based Harrington Investments, would remove corporate bylaw language preventing people from suing board members personally for decisions that allegedly harmed the environment, public health or human rights.

The company said it opposes the measure, saying Monsanto already is following the law on indemnification language, changing that language would make it hard for directors to do their jobs without worries about frivolous lawsuits and the new language would be difficult to interpret.

Monsanto shares rose $3.42 to close at $104.81 yesterday after trading at a 52-week high of $104.92 earlier in the day.