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Sun Life Financial Inc. president and CEO Dean Connor’s total earnings declined slightly last year.

The Toronto-based firm’s chief executive received total compensation of $9.6 million in 2019, compared to $9.7 million the previous year, according to the management information circular published ahead of Sun Life’s annual general meeting on May 5.

That meeting will take place virtually due to the Covid-19 outbreak. Sun Life, along with other large insurers and Canada’s big banks, obtained a court order last week allowing it to hold the meeting by electronic means.

Connor’s paid salary was more or less unchanged last year at $1.1 million, and his share and option awards were also similar to the 2018 amounts.

His non-equity annual incentive plan award of $1.8 million was 122% of his individual multiplier, the document said, but was down from $2.2 million the previous year.

“Under Mr. Connor’s leadership, we have defined our Client for Life Strategy and in 2019 we made excellent progress on a number of key priorities aligned with our strategic plan,” the document said.

Connor’s total compensation was less than Manulife chief executive Roy Gori’s, who received $14.7 million last year.

Of the big bank executives, RBC’s David McKay’s compensation was highest last year, at $13.7 million.

Sun Life reported net income of $2.6 billion in 2019, up 4% from the previous year. Earnings per share of $4.40 marked a 6% year-over-year gain.

Other executives’ total compensation in 2019 was as follows:

  • Kevin Strain, executive vice-president and chief financial officer, received $3.4 million, down from $3.5 million in 2018.
  • Sun Life Capital Management president Stephen Preacher’s total compensation was $7.2 million, up from $6 million the previous year.
  • Sun Life U.S. president Daniel Fishbein’s compensation jumped from $3.8 million in 2018 to $4 million last year.
  • Claude Accum, president of Sun Life Asia, received $3.6 million last year, up from $3.2 million.
  • Sun Life Canada president Jacques Goulet’s $3.1-million compensation last year was down significantly from almost $8 million in 2018. Goulet’s share awards and “all other compensation” were much lower last year.

The information circular noted that four of Sun Life’s 11 directors and director nominees are women, as are three of its four committee chairs.

Read the full document here.