Total median CEO pay, excluding pensions, at large capital U.S. companies grew just 3.9 percent, the lowest increase since the financial crisis of 2008. That’s the conclusion drawn in a new study by ISS Corporate Solutions, a subsidiary of Institutional Shareholder Services, a leading proxy advisory firm.

The analysis—of CEO pay at S&P 500 companies reporting their annual financials through April 15, 2016—found that median pay stands at just under $10.5 million, compared with roughly $10.2 million in fiscal 2014. Including pension allocations, the median CEO pay raise was only 0.1 percent.