A report by the Australian Council of Superannuation Investors (ACSI) shows that average pay levels for chief executive officers (CEOS) for the nation's top 100 publicly listed companies fell to AU$4.7 million (£2.76 million) in the 2011-12 financial year.

This figure include bonuses and was AU$200,000 lower than the previous year's figure, though executive pay levels still remain many times higher than those of average workers.

Indeed, chief executives of the top 100 listed companies earned 67 times the national average in 2012, though this was still lower than its pre-recession peak, when this ratio went as high as 94:1.

ACSI chief executive Ann Byrne said this shows that businesses are responding to market concerns over executive pay, though more needs to be done to ensure that salary and performance levels are properly aligned.

Last month, the ACSI published new guidance to help companies improve their business standards ahead of the 2013 AGM voting season.

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