WASHINGTON - Chief executive officers (CEOs) at United States corporations largely maintained their salaries and benefits during the economic and market turmoil of last year, a survey by a shareholder rights group showed.

The Corporate Library said its survey of 2,700 publicly traded firms showed that median annual compensation for CEOs declined by 0.08per cent last year.

This indicates 'that the link between CEO pay and performance remains very weak', said a report from the corporate governance organisation.

'While these findings are historic, in that we have never seen a decline in CEO compensation since we began this series of surveys in 2002, if there were ever an argument that pay is fatally divorced from performance then this is surely it,' said report co-author Paul Hodgson.

'This minimal decline has to be set against the dramatic downturn in the US equity markets in 2008, when the S&P500 index fell by more than 37per cent. In this context, one might expect CEO compensation to decline, but surely by more than 0.08per cent.'

The report found some 75per cent of CEOs included in the study received a base salary increase last year, up from 73per cent in 2007.

Using a different measure, the survey found total realised compensation was down 6.38per cent. This includes the value realised on vesting of shares, options, pensions and deferred compensation.

'CEOs have had many years of benefiting from the whole of the upside of a bull market,' said Mr Hodgson.

'But the whole of the downside of the bear market has been severely mitigated by discretionary bonuses, repriced stock options, mega grants of stock and options, negotiating generous new employment agreements, guaranteed bonuses, and 'retention' awards.

'Paraphrasing the words of Mark Twain, rumours of the death of CEO pay have been greatly exaggerated. In fact, far from falling on its face - like the economy did - it has barely stumbled in its steady climb.'

Mr Hodgson acknowledged that many pay packages for last year were based on contracts signed before the crisis but that 'there are elements of CEO compensation you expect to react more closely to performance even over the short term, like cash bonuses.'

Compensation practices for this year remain unclear. Some pay levels may be reduced but 'now that the economy has started to pick up a little, it's also possible for pay to start rising again'.

The report comes with Congress and the White House increasingly scrutinising CEO pay and the Group of 20 examining the question of bonuses and packages for the banking sector.

Mr Hodgson told AFP he supported 'say on pay' proposals that would allow shareholders to have a voice in executive compensation but not necessarily government regulation of pay.

'Although in an oversight role it is not a bad thing,' he said.