US chief executives' pay 'steady in 2009'

A new report on US chief executives' remuneration has indicated that pay levels held steady last year, although the value of perks enjoyed by company bosses declined.

The Corporate Library's study revealed a 1.6 per cent increase in total annual compensation for the chief executives of S&P 500 index firms in 2009, CNNMoney reports.

However, total realised compensation - adjusted for changes in value realised on stock options and other vested equity income - fell by 0.3 per cent to a median of $1.8 million (£1.1 million).

In addition, the value of chief executive perks disclosed by companies declined by a median of 18 per cent last year.

"Most notable is a clear drop in the number of chief executives who received a tax reimbursement in 2009 as compared to 2008," commented research associate Greg Ruel.

The Corporate Library also published a ranking of the top ten highest paid chief executives in 2009.

Under proposals recently unveiled by the Securities and Exchange Commission, institutional investors will be able to cast a non-binding vote on the pay packets of top executives from January 2011.