The cut was a result of a slump in the company's pre-tax profits from £13 million to £6m.
Woodward's total pay fell to £418,000 compared to £699,000 in 2008. According to the annual report of the company, his base salary was cut by 15.7 per cent from £380,000 to £320,000 in 2009.
Woodward did not receive a performance-related bonus for the year, in contrast to the £228,000 he had received in 2008.
Watt's total pay package was reduced by £152,000 to £225,000 and base salary was cut by 9.8 per cent.
STV's total remuneration to its senior executives and non-executive directors fell by 31 per cent in 2009. The company paid no bonuses last year compared to £356,000 bonus in 2008.