During the last 12 months, the average base salary of the highest paid executives in United States (U.S.) publicly-held companies decreased by about 24 per cent, according to the ERI Economic Research Institute.
This is the largest decrease in base salaries since the institute started tracking the ERI Executive Compensation Index 12 years ago.
While the average base salary dropped dramatically, overall total compensation decreased by 3.3 per cent during the same 12-month period.
Total compensation has been declining for the past five quarters. The only components of compensation showing increases were bonuses/non equity incentives, which are up one per cent, and other compensation, which is up 15.4 per cent.
From May 2008 to May 2009, total compensation of the highest-paid executive decreased by 3.2 per cent, with the average top executive receiving nearly $16.6 million. During the same period, average company revenues grew 5.9 per cent.
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