Executives at the UK’s largest organisations have seen their bonuses fall for a second year in a row, according to research by PricewaterhouseCoopers (PWC).

Its 2013 Executive reward survey, which is based on the reports of 204 companies in the FTSE 350, found restraint in total pay across senior management positions, while one in five FTSE 100 executives have been subject to a pay freeze.

The research also found that, where bonuses were paid out to FTSE 100 executives, the average payout was £905,000, down 7% from 2012.

The decreases come in the wake of 2012’s ‘shareholder spring’, which saw investors rebel against high levels of compensation for executives delivering below-market returns.

Tom Gosling (pictured), head of PWC’s reward practice, said: “It is unsurprising that, following a bruising 2012, companies have been keen to avoid the spotlight by demonstrating a responsible approach to executive pay this year.

“Companies have heard loud and clear from shareholders that bonuses and pay rises that are not closely linked to performance are unacceptable.

“The fact executives are receiving a lower proportion of their maximum bonus entitlement confirms remuneration committees are getting tougher in setting and measuring bonus targets.”