UPDATE 1-MBIA's CEO compensation $5.2 mln for 2009

March 18 (Reuters) - Bond insurer MBIA Inc (MBI.N), which posted a $242 million shareholder loss in the fourth quarter, paid its chief executive a total compensation of $5.2 million in 2009, less than half of what was paid the year before.

The company's proxy filing revealed that CEO Joseph Brown's total compensation included $500,000 in salary, stock awards of $3.1 million and $1.5 million in cash awards.

Brown's total compensation in 2008 had been about $13.8 million, which included $437,500 in salary and $13.3 million in stock awards.

Some pay consultants and governance experts tabulate executive pay differently, saying the summary total may be imperfect since it counts options and stock as part of pay when they vest rather than when they are awarded. (Reporting by Supantha Mukherjee in Bangalore; Editing by Jarshad Kakkrakandy)