Microsoft's most senior executives have seen their total pay decrease by more than 20 per cent, following the first year of revenue decline in the company's history.

A 2009 Proxy Statement filed with the Securities and Exchange Commission revealed that, while the executives' base salaries actually increased, they received lower cash incentive payments and smaller stock increases.

"Our named executive officers were each reviewed on their performance on a wide range of measures, which included, for the business division leaders, the financial performance of the business or organisation they led," said the filing.

"In each case, financial results were less than expected due to the impact of worldwide economic conditions on our business."

The executives listed in the filing include chief executive Steve Ballmer, who saw his income fall from $1.35m (£838,000) in 2008 to $1.26m (£782,000) this year, and chief financial officer Christopher Liddell, who saw his income drop from $4.8m (£3m) in 2008 to $3.5m (£2.2m) this year.

Chief operating officer Kevin Turner saw the biggest drop in income, from $8.6m (£5.3m) last year to $5.4m (£3.3m) this year, while Robert Bach, president of Microsoft's entertainment and device division, saw his pay fall to $6.2m (£3.8m) from $8.2m (£5m) last year.

Stephen Elop, head of Microsoft's business division, was the only executive to see a rise in net pay, from $4m (£2.5m) last year to $4.8m (£3m) this year, but this was because he joined the company halfway through last year.