"As financial conditions have deteriorated we have seen more and more examples of senior executives giving up their bonuses, " said Cwirko-Godycki.

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In the U.S. however there has been a noticeable increase in the number of top executives giving up their bonus since the start of the year, according to Alexander Cwirko-Godycki, research manager at California-based Equilar, which conducts research on executive compensation.

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