Shares of the Memphis, Tenn-based paper company sank 63% last year, compared with a 38% drop in the S&P 500 index, according to the report.
Despite such a drubbing, the company's CEO got total compensation of $38.2 million.
According to the Corporate Library, John Faraci's compensation included $21 million in pension payments he received while still working at the company. Faraci, 59, has been CEO for six years.
International Paper said in a statement that Faraci's total compensation was $13 million and that the Corporate Library "mistakenly included" the pension payments.