Steve Ballmer

It's been a tough year for most of corporate America. And Microsoft has not been immune to the economic slow down. As a result, top executives at the world's largest software company saw their stock and cash incentive bonuses chopped by 29 percent, according to a proxy filing issued today.

Of the five top executives listed, four saw their total compensation (including base salaries, cash bonuses and stock awards) decline. Chief Executive Steve Ballmer -- who is no longer accruing any stock compensation -- earned $1.2 million for the 2009 fiscal year. That compared to $1.3 million in 2008.

Chief Operating Officer Kevin Turner saw the biggest decline in pay, with his total compensation dropping from $8.6 million in 2008 to $5.4 million this year.

Meanwhile, Chief Financial Officer Chris Liddell experience a decline from $4.7 million to $3.5 million.

Robbie Bach

Robbie Bach, president of the entertainment and devices division, also saw a big drop as compensation declined from $8.2 million to $6.2 million.

[Related post: Microsoft Executive Report Card]

The only named executive to see an increase in compensation was Stephen Elop. The compensation for the president of Microsoft's business division increased to $4.8 million, up from $4 million in the prior year. (Note: Elop joined the company midway through fiscal year 2008, so his compensation totals reflected an abbreviated time at the company).

All five of the named executives saw their bases salaries increase, with Elop, Bach and Turner each pulling down $641,667. Ballmer, meanwhile, recorded a base salary of $665,883 for the 2009 fiscal year. That compared to $640,833 in 2008.

But, for the most part, the company is tightening the pocket books when it comes to compensation. In fact, the compensation committee and board recently approved a salary freeze for 2010 for Ballmer and other top execs.

The new executive compensation charts should be of interest to shareholders, since Microsoft earlier this month said that it would allow them to cast an advisory vote on the salaries of executives every three years.

Here's a look at the full compensation break down for the top five execs.