BlueScope Steel's chairman Graham Kraehe has been grilled over executive pay despite insisting the company is on the path back to paying dividends.

Some investors at the company’s annual general meeting criticised the granting of share rights worth more than $3 million to chief executive Paul O’Malley after BlueScope did not pay a dividend in 2013-14, reporting a net loss of $82.4 million. Mr O’Malley’s total salary package in 2013-14 was $4.95 million,…