BlackRock reduces Larry Fink's compensation by 30% to $25.2 m for previous year
1 min read . Updated: 15 Apr 2023, 07:29 AM IST
Premium- Equity and bond indexes tumbled last year, marking one of the most difficult markets to navigate in decades.
BlackRock Inc. reduced Chief Executive Officer Larry Fink’s total compensation to $25.2 million for 2022, a 30% decline from the previous year, according to a regulatory filing.
The US market rout and recession fears amid rising interest rates last year took a toll on the world’s largest asset manager. BlackRock’s total assets under management declined 14% to $8.6 trillion on Dec. 31 from a record high above $10 trillion a year earlier.
Fink, 70, received a $1.5 million base salary, $7.25 million in cash incentives, $12.7 million in long-term incentive awards and deferred equity of $3.75 million, the New York-based money manager said Friday in its annual proxy filing.
“With respect to 2022 compensation, management determined to reduce the impact of the firm’s decline in profitability on BlackRock’s broader employee population by concentrating the downward adjustments to total incentive awards toward senior management," the company said in the filing.
Equity and bond indexes tumbled last year, marking one of the most difficult markets to navigate in decades. Still, BlackRock continued to attract new money following the collapse of three US banks last month. In the first quarter, clients added a net $110 billion to BlackRock, including to its bond ETFs and cash-management products.
Five executives at the top of BlackRock last year all saw their compensation reduced by at least 27%, according to the filing.