According to a survey of 12,000 executives in 500 UK plcs, median total remuneration in this group had dropped by 10.1% since May 2008 and 29% did not receive a bonus this year.
The senior management tier below board level has also experienced a more restrained approach to executive pay.
The median salary for executives below board level saw zero increase on last year, while median total cash - salary plus bonus - has dropped by 0.6% since 2008.
Jon Dymond, director at Hay Group, said: "The last financial year has seen remuneration committees caught between militant shareholders, political pressures and media sensationalism, and on the other hand the need to retain top talent and motivate their most senior leaders to steer firms safely through the economic storm. Once the economic recovery is under way, we may see an element of catch-up in salaries."
"With business confidence returning, share prices moving upwards and a continued perception that top talent is scarce, executive salaries are likely to begin to move up modestly in 2010.
"However, bonuses paid in 2010 are expected to be smaller than in the past two years, due to lower earnings delivered by many businesses during 2009."
