Australian investor activists are urging investors to look beyond the headline cash figure when deciding whether a firm is tying pay to performance.

Many companies have said they are freezing or cutting executive compensation in response to the downturn. The devil amy remain in variable pay elements such as short term bonuses and share options.

The real levels of compensation may not be known until next year's report and accounts. The focus now should be on ensuring a tight definition of performance to which executives can be held.