Dow Chemical Chief Executive Andrew Liveris' 2011 compensation fell 10% in 2011 as the largest U.S. chemical maker failed to meet internal profit and cost-control targets.

Liveris, CEO since 2004, received a compensation package worth $19.3 million for last year.

Much of the drop in Liveris' total compensation was due to a 70% decrease in the value of a bonus linked to his as well as the company's performance.

Dow faced a drop in demand for its plastics, coatings and electronics throughout much of 2011, especially in Europe, where the continent's debt crisis eroded demand. In an interview with Reuters last month, Liveris acknowledged that the company "basically gave up on price" toward the end of 2011 just to keep volume moving.

Dow's stock fell 15.8% in 2011.

The Midland, Michigan-based company, at the start of 2011, had set an internal goal to earn $3.48 billion in net income for the year. The company earned $2.96 billion for 2011, excluding one-time items, and missed a cost-control target by $275 million.

Because targets were not met, Dow employees were eligible for just 52.6 % of a potential cash bonus.

Liveris had the potential to earn a performance-related cash bonus of $2.7 million, but in the end received $1.5 million.

Dow's compensation committee -- made up of members of the company's board of directors -- found that Liveris had exceeded his personal goals by 5 percentage points.

Given their finding that Liveris exceeded his own goals, but contrasted with the company's weaker-than-expected results, the board's compensation committee said Liveris was eligible for 55.2% of the potential performance-related cash bonus, roughly $1.5 million.

Liveris' base salary rose 3% to $1.7 million, and the value of his stock awards rose 35% to $7.7 million.

The value of his stock options fell 13% to $4.4 million.

Liveris' pension value increased 2% to $3.7 million.

He also received other types of compensation, including the Dow Chemical jet for personal use, valued at $139,994; a $68,007 contribution from the company to a savings plan; and tax planning worth $30,055.

The disclosures came as part of Dow's announcement it will hold its annual shareholder meeting Thursday, May 10, in Midland.

Shareholders will vote on Liveris' pay, but their vote will be nonbinding and the board of directors can choose to ignore it.