Ralph Lauren, executive chairman and chief creative officer of Ralph Lauren Corp., saw his overall compensation fall 26.7 percent to $18.3 million last 12 months, in keeping with a filing Thursday with the Securities and Exchange Commission. 

While his take included a salary of $1.8 million and incentive pay of $5.3 million, most of Lauren’s compensation got here in the shape of stock awards valued at $11 million. The true value of the stock, though, will rely on the corporate’s performance on Wall Street — tying executive pay to the shareholder’s wallet. 

Patrice Louvet, president and chief executive officer, saw his compensation decrease 22 percent to $14.5 million. That included salary of $1.4 million, incentive pay of $3.9 million and stock awards valued at $9.1 million.

The pay packages were detailed in the corporate’s proxy statement ahead of its annual meeting, which might be held on virtually on Aug. 3. 

The agenda for this 12 months’s meeting is routine, with votes scheduled to elect directors, appoint an auditor and advise on executive pay. 

But Lauren and Louvet clearly feel the story they need to tell investors isn’t routine. 

In a letter to shareholders included within the proxy, the pair said: “This past 12 months, we shared our ambition to be the world’s leading luxury lifestyle company and outlined our company’s next phase of growth — our Next Great Chapter: Speed up plan. Since then, our teams have continued to deliver strong progress on our plan, supported by our multiple strategic growth drivers — elevate and energize the brand, drive the core and expand for more and win in key cities with our consumer ecosystem — and our five key enablers, all while operating in an uncertain macroeconomic environment.”