General Motors (GM) paid CEO Mary Barra $16.8 million in total compensation for 2015, slightly higher than the 2014 total of $16.2 million, the company disclosed Friday in an annual filing with the Securities and Exchange Commission.
Barra only received $7.3 million of the total, the majority of which is based on stock-based grants and other incentives that vest over time, but must be given a value under regulatory reporting rules.
The SEC requires all publicly-traded companies to disclose compensation of its top five executives each year.
Barra's base salary increased to $1.75 million from $1.57 million in 2014. She received $3.1 million under a short-term incentive plan, and about $2.5 million from other incentive-based stock grants.
When another bundle of options are included Barra has the potential to realize $11.2 million over the next nearly five years, but they only have value to the degree GM's stock price is above the option price of $31.32.
Her total compensation does not include $12,012 that reflect a change in the accounting value of her pension. Nor does it include $597,118 in other compensation that expenses such as things as the use of corporate-owned aircraft, season tickets to athletic events and other perks.
Last month Ford disclosed that CEO Mark Fields' 2015 compensation was $17.3 million.
Dan Ammann, GM president, received compensation worth $7.2 million. Mark Reuss, executive vice president of global product development, had compensation of $6.3 million. Chief Financial Officer Chuck Stevens received $5.1 million and Craig Glidden, executive vice president and general counsel, received $3.5 million.
Last year was the second consecutive year GM's executive compensation was free from government oversight.
GM, like many corporations, has been trying to tie executive pay more closely to the company's performance rather than to salaries and bonuses.
GM's earnings, or net income, for all of 2015 was $9.7 billion, more than double the $4 million of 2014.
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