Fiat chief executive Sergio Marchionne received total compensation valued at around EUR14.5m (US$18.9m) last year, mostly in shares.

This included a base salary of EUR2.45m for 2011, the company said in a report on executive compensation posted on its website. This was down from EUR3.46m a year earlier.

Marchionne was appointed to lead the Italian automaker in 2004. He has also been granted 4m shares in both Fiat and Fiat Industrial SpA, which was spun off into a separately listed unit early last year.

Chairman John Elkann received a salary of EUR1.35m and Luca Cordero di Montezemolo, Fiat's former chairman and now a board member as well head of its Ferrari division, earned a base salary of EUR5.55m.

Marchionne, who is also CEO of Chrysler, declined a salary or bonus from the US automaker for the second consecutive year.

Fiat took control of Chrysler during its bankruptcy in 2009 and now owns 58.5% of its stock. For 2011, Fiat posted double digit percentage increases in its results thanks to its US partner's contribution.