Another year, another $1 for Google founders

San Francisco - Google paid co-founders Larry Page and Sergey Brin their customary $1 salaries last year while Executive Chairman Eric Schmidt's compensation more than doubled to $19.3-million.

Most of Schmidt's raise stemmed from stock grants valued at $11.4-million. Regulatory documents filed on Friday revealed the grants were issued to make up for an administrative error in the handling of another large award given to Schmidt in 2011.

A Google logo is seen at the entrance to the company's offices in Toronto, Canada. Credit: Reuters

Page, Google's chief executive, and Brin, another top executive, have insisted on capping their salaries at $1 annually since Google went public nearly a decade ago. The two men each own Google stock currently worth about $26-billion.

The AP's compensation calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year. - Sapa-AP