(Reuters) – BlackRock (NYSE:) CEO Laurence Fink’s total compensation for 2023 was $26.9 million, down from $32.7 million a year earlier, according to company regulatory filings. company on Thursday.
BlackRock, the world’s largest asset manager, which managed $10 trillion in assets as of December 31, 2023 and served clients in more than 100 countries around the world, was founded by Fink in 1988.
Fink is under scrutiny as London-based activist investor Bluebell Capital Partners has proposed a change to the company’s bylaws to require the chairman to be an independent director.
BlackRock’s board recommended that shareholders vote against the proposal.
Bluebell’s latest activism comes 15 months after it first targeted the New York-based asset manager. The investor wanted to replace CEO Fink and criticized the company for being inconsistent in its focus on environmental, social and corporate governance (ESG) issues.
Over the years, Fink has drawn the ire of several politicians for BlackRock’s corporate governance practices. The company said it lost about $4 billion in assets under management last year due to the political backlash.
Fink’s 2023 compensation package included a base salary of $1.5 million, a bonus of $7.9 million, stock awards of $16.4 million and other compensation of $1.09 million , according to documents the company filed with the SEC.
His reduced pay contrasts sharply with that of several Wall Street executives, including top executives at Goldman Sachs, JPMorgan, Citigroup and Morgan Stanley, who all received raises in 2023.
Bank of America CEO Brian Moynihan, however, took home reduced pay after the bank’s annual profit fell 4%.
BlackRock’s profit was 6% higher and it saw assets under management increase 16% in 2023 compared to the previous year.