The US carmaker's annual financial report, which was published last week, showed that CEO Alan Mulally received over $21.6m in 2007.

Don Leclair, Ford's chief financial officer, was paid $6.27m, while Mark Fields, Ford's president of the Americas, received $5.44m.

Lewis Booth, chairman of Ford of Europe and Volvo, received $5.1m and Michael Bannister, CEO of Ford Motor Credit, was awarded $4.27m.

While losses narrowed from the record $12.6bn deficit in 2006, Ford still recorded an annual loss of $2.7bn.

Trade union UAW described the compensation package for executives as “excessive and unjustified”.

"Our members at Ford agreed to substantial sacrifices in 2007 to help Ford survive so the company can rebuild and reinvest in the United States," said UAW president Ron Gettelfinger.

"We did not sacrifice so that management could find a way to reward themselves with higher compensation.”

Automotive News, meanwhile, has reported that 11 motions - including seven by Ford shareholders - have been submitted to the US government's finance watchdog the Securities and Exchange Commission, following the publication of the 2007 accounts.

One motion has proposed the limitation of compensation to the company's senior executives to $10,000 a week, including fringe benefits, until the company has been profitable for five consecutive years.

The fringe benefits should be limited, the motion continued, to those offered to all Ford employees.

Another activist has proposed limiting all shareholders to one vote per share, which would dilute the Ford family shareholder's influence as they currently enjoy 16 votes per share.