The Treasury Department announced today that it would freeze or reduce pay for several top General Motors executives, including CEO Dan Akerson, whose total compensation will be fixed at his 2011 rate.

Akerson received $9 million in 2011: his $1.7 million salary, $5.3 million in stock salary and $2 million in long-term restricted stock, according to the Detroit Free Press. Akerson announced Jan. 10 that he would not receive a cash bonus for 2011. In 2012, the Free Press writes, "His salary will remain unchanged, and the rest of compensation will come in the form of $7.3 million in performance-based stock salary with shares that are redeemable on an annual basis for three years."

The Treasury, which still owns approximately 24.5 percent of GM stock, has said that total compensation of GM execs fell by 12 percent from 2011 to 2012, or a total of $8.8 million. The government also announced that it would freeze or even reduce compensation for GM's 25 most highly paid executives, though some within the GM executive pool will receive raises.

The action to freeze or reduce compensation was undertaken by the special master for executive compensation under the Troubled Asset Relief Program, and similarly applies to AIG and Ally financial, formerly GMAC, two other companies on the receiving end of massive governmental financial assistance during the financial crisis.

[Source: Detroit Free Press; Automotive News.]