Microsoft Corporation (NASDAQ:MSFT) CEO Satya Nadella’s paycheck for 2016 has declined by 3 percent to $17.7 million compared to what he earned last year.

Despite the revenue decline, $17.1 million is still an impressive salary for the Indian-born CEO. Nevertheless, it is an income befitting the CEO of one of the largest and most influential companies in the world.

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

The revenue earnings of Satya Nadella and four other Microsoft executives were included in the firm’s annual proxy statement which revealed that they earned at least 100 percent of their cash bonuses. This boost was courtesy of returns to shareholders as well as business performance. Reports also revealed that former Microsoft COO Kevin Turner who left the firm in July received $12.9 million during the fiscal year. His paycheck increased by 6 percent compared to the previous year and he was the second highest paid Microsoft executive.

The financial report also revealed that Microsoft has adopted financial performance-based metrics into the formula used for executive compensation. The company decided to pursue this path of action after facing concerns about subjective standards causing inflated paychecks. As for Nadella’s paycheck for 2016, it comprised of a basic salary of $1.2 million, a stock award of $12.01 million, a bonus of $4.46 million and an additional compensation of $14,104.

The CEO would have received a stock compensation peaking at $13.83 million if performance was at its highest levels. Amy E. Hood Microsoft VP and CFO, Amy E. Hood who received $10.37 million was one of the Microsoft executives that received high compensation packages.

Microsoft stocks closed the latest trading session at $57.64, marking an improvement by $0.40 or 0.70% compared to the value of the stock during the close of the previous trading session.