Smaller bonuses have taken a toll on the pay packets of Braemar Shipping Services’ top executives.

Alan Marsh.

CEO Alan Marsh was the hardest hit among the London-listed broker’s boardroom big hitters as his cheque shrank from £846,085 to £550,457 ($869,848) over the past year.

Much of Marsh’s pay was made up of his £500,000 basic salary, which was unmoved from a year ago.

But