Daiwa Securities Group Inc. says compensation among its top executives fell 21 percent last year as the nation's second-largest brokerage cut their base salaries.

Daiwa's 14 top managers, including Chief Executive Officer Takashi Hibino, received average compensation of ¥30.3 million, including base pay and stock options, for the year that ended March 31, according to documents dated last Friday sent to shareholders. That is down from ¥38.4 million a year earlier.

Base salaries were cut as much as 20 percent for the first half and 40 percent for the second. Daiwa posted its second consecutive loss last fiscal year and the company's shares fell.

The drop in pay contrasts with bigger rival Nomura Holdings Inc., where deferred payments boosted compensation among top managers by 79 percent.

Daiwa paid a total of ¥424 million to Hibino and 13 other executives for the year, the documents show, without providing a breakdown by individuals. The previous year it paid 14 top managers ¥537 million.