San Francisco: Microsoft paid its Indian-born CEO Satya Nadella $17.7 million — which is down 3% from last year — during the company’s most recent fiscal year, a media report said on Tuesday.

“The decline was the result of a modest drop in Nadella’s stock-based compensation, which totalled $12 million during the year ended June 30. His base salary of $1.2 million was unchanged from the prior year,” The Seattle Times reported.

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Nadella and the four other executives whose compensation was detailed in the company’s annual proxy statement made at least 100% of their cash bonuses, which the company attributed to Microsoft’s business performance and returns to shareholders.

Kevin Turner, who left Microsoft as Chief Operating Officer in July, was paid $12.9 million during the fiscal year — up six per cent from 2015 — and was the second-highest paid executive officer.

“In response to concerns about subjective standards leading to inflated paychecks, Microsoft has been adding financial- and performance-based metrics to its executive-compensation formulas,” the report added.