Chief executives of Japanese companies ranked third...

Chief executives of Japanese companies ranked third worldwide in cash compensation behind their American and Swiss counterparts, while South Korean executives were at the bottom of the pay ladder, according to a recent study of executive compensation in 20 industrial countries.

A typical Japanese chief executive of a company with annual sales of $100 million earns $216,000 in cash compensation, compared to $311,000 for American chief executives, $261,000 for Swiss top executives and $215,000 for West German executives, according to the study by TPF&C;, an international management consulting company.

Chief executives of comparable South Korean companies ranked last with a cash compensation of $69,000.

Other elements of executive pay packages--variable bonus payments, benefits, perquisites and long-term incentives--vary from country to country and are greatly influenced by local tax policies and customs.

In Japan, Hong Kong and Singapore, for example, perquisites, or non-cash compensation in the forms of company cars, club memberships and entertainment allowances, make up a sizeable portion of the total executive pay package, the study said.