What Sun Life Financial’s top execs earned in 2017

Sun Life Financial has released its management information circular, which details executive compensation. Here are highlights.

Dean Connor, Sun Life’s president and CEO since December 2011, received direct compensation of $8.79 million in 2017, compared to $8.38 million in 2016.

Connor’s direct compensation comprises his 2017 salary of $1.1 million, annual incentives of $2.19 million and $5.5 million in shares and options.

Pension and other compensation brings Connor’s total compensation to $9.15 million in 2017. That compares to $9 million in 2016.

Kevin Strain was appointed executive vice-president and CFO in May 2017. He received direct compensation of $3.3 million in 2017. That figure comprises a 2017 salary of $576,923, annual incentives of $1.08 million, and $1.65 million in shares and options. Pension and other compensation brings Strain’s total 2017 compensation to $4.54 million. That compares to $2.82 in 2016.

Colm Freyne, executive vice-president and chief risk officer, acted as executive vice-president and CFO from July 1, 2009, to May 28, 2017. He received direct compensation of $2.67 million in 2017.

That figure comprises a salary of $555,385, annual incentives of $811,798, and shares and options of $1.3 million. Pension and other compensation bring Freyne’s total 2017 compensation to $2.94 million. That compares to $3.18 million in 2016.

Stephen Preacher, president of Sun Life Investment Management, received 2017 direct compensation of $4.85 million, which includes a salary of $570,769, annual incentives of $2.05 million, and shares and options of $2.23 million. Pension and other compensation bring Preacher’s total 2017 compensation to $6.75 million, which compares to $6.56 million in 2016.

Daniel Fishbein, president of Sun Life Financial U.S., received 2017 direct compensation of $2.79 million, which includes a salary of $550,000, annual incentives of $1.02 million, and shares and options of $1.21 million. Pension and other compensation bring Fishbein’s total 2017 compensation to $3.81 million, which compares to $3.68 million in 2016.

Kevin Dougherty, executive vice-president of innovation and partnerships since January 2018, received 2017 direct compensation of $3.28 million, which includes a salary of $585,000, annual incentives of $1.14 million, and shares and options of $1.55 million. He was president of Sun Life Financial Canada until January 2018. Pension and other compensation bring Dougherty’s total 2017 compensation to $3.35 million, which compares to $3.16 million in 2016.

In its circular, Sun Life Financial says it has two primary compensation objectives:

• to align directors’ interests with the interests of shareholders and
• to fairly and competitively compensate directors to attract well-qualified board members.

Company performance highlights

Sun Life Finanicial’s reported net income of $2.1 billion was down 14% from 2016. Underlying net income of $2.5 billion was up 9% over the previous year.

Global assets under management of $975 billion were up 8% over 2016, and sales growth within wealth and asset management was up 5%.

Sun Life Financial’s minimum continuing capital and surplus requirements (MCCSR) ratio was 246% and that of Sun Life Assurance was 221%.

For more details see Sun Life Financial’s 2017 annual report.

Full compensation details and analysis, as well as other details, can be found in Sun Life’s management information circular.

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What Manulife’s top executives earned in 2017

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