The chief executive of Manulife Financial Corporation saw his total compensation increase in 2019.
In an information circular published ahead of the firm’s annual meeting on May 7, 2020, Manulife said the total compensation of Roy Gori, president and CEO, was $14.7 million in 2019, compared to just under $13 million in 2018.
The 2019 compensation comprised a base salary of $1.5 million, an annual incentive of $4.9 million and share and option-based awards of more than $7 million.
The annual incentive was equivalent to 168% of Gori’s target, the firm said in the circular.
“Gori continued to drive Manulife’s ambitious transformation agenda in 2019, moving us closer to our goal of becoming the most digital, customer-centric global company in our industry,” the firm said.
“Under his leadership, we continued to sustainably grow net income and core earnings, free up capital so it can be put to best use, and accelerate growth in our highest-potential businesses while maintaining discipline on costs,” Manulife said.
Manulife reported net income attributable to shareholders of $5.6 billion in 2019, up $0.8 billion from 2018.
Gori’s target total direct compensation for 2020 is set at $9.9 million.
Other executives’ total compensation in 2019 were as follows:
- Phil Witherington, CFO, $5.1 million (up from $4.6 million in 2018)
- Rahul Joshi, COO, $6.7 million (he assumed the position in June 2019)
- Marianne Harrison, president and CEO, John Hancock, $6.3 million (up from $5.9 million in 2018)
- Anil Wadhwani, president and CEO, Manulife Asia, $5.6 million (up from $5.1 million)
In 2019, 42% of independent directors were women, the circular said. (All directors are independent except the CEO.) Five of the 13 director nominees (38%) for 2020 are women.
For full details, read Manulife’s information circular.