Pay caps imposed by the US Government on America’s top companies are not causing an exodus of staff, the US Treasury says.

The departure of AIG Vice Chairman Anastasia Kelly, who was responsible for the group’s legal, human resources, corporate affairs and communications functions, has sparked concerns top executives were baling out of troubled companies in retaliation to the Government’s cap on high-earners.

Ms Kelly is reportedly in line for a $US2.8 million ($3.08 million) severance package.

But the Treasury says 84% of executives who are seeing their salaries forcibly reduced are remaining with their companies.

President Barack Obama’s pay “czar”, Kenneth Feinberg, has ordered pay cuts of 15% for 125 executives at companies which have received government financial assistance.

Mr Feinberg is charged with monitoring and setting remuneration packages for the top 25 earners at AIG, General Motors, GMAC, Chrysler Group and Chrysler Financial, who all owe money under the $US700 billion ($772 billion) Troubled Asset Relief Program program.

AIG was given more than $US180 million ($199 million) in September 2008, and has been hiving off assets to repay its debt.

The company has petitioned the Treasury to allow cash exemptions for 10 of its 25 top executives under “good cause” clauses, but Mr Feinberg has only permitted five.