Manulife Financial Corp. CEO Roy Gori received almost $13 million in total compensation last year, a slight increase from his 2017 pay, putting his earnings near the top bank executives’.
Gori took the top job at Manulife in October 2017. His $13 million compensation last year compares to $12.8 million in 2017, when he spent most of the year as president and CEO of Manulife Asia, according to the firm’s 2019 management information circular.
Gori’s total 2018 compensation is behind Toronto-Dominion Bank’s Bharat Masrani ($15.3 million), Royal Bank of Canada’s David McKay ($14.5 million), and Bank of Nova Scotia’s Brian Porter ($13.3 million) but ahead of other Big Six CEOs.
He made US$9.4 million in total direct compensation last year, including a US$3.1 million annual incentive—140% of his target. His direct compensation was roughly the same in 2017. For this year, Gori’s target direct compensation is US$8.9 million.
Here’s how Manulife’s other named executives were compensated last year.
- Chief investment officer Warren Thomson made $7.3 million, up from $7.2 million the previous year.
- John Hancock president and CEO Marianne Harrison saw her total compensation decline by about $50,000 last year to $5.9 million, though her direct compensation increased slightly.
- Chief financial officer Phil Witherington made $4.6 million last year. He took the CFO job in January 2018 after an interim role as president and CEO of Manulife Asia.
- Anil Wadhwani, who became president and CEO of Manulife Asia in November 2017, made $5.1 million last year.
At Manulife’s annual general meeting on May 2, shareholders will vote on a resolution to accept the firm’s approach to executive compensation. It’s an advisory vote, so the results aren’t binding.
No shareholder proposals are being considered at the meeting.
Five of the firm’s 12 (42%) nominated independent directors this year are women.
Correction: An earlier version of the article said it was written by The Canadian Press. The article was written by Advisor’s Edge staff.