Glass Lewis Urges Vote Against Morgan Stanley Executive Pay Plan
Morgan Stanley gets an ‘F’ grade in tying executive compensation to performance, as the New York-based bank paid better than peers while performing worse, Glass Lewis said today in a report. That compared with a ‘D’ for 2011.
Chief Executive Officer James Gorman’s pay was cut 7 percent to $9.75 million for 2012, and his compensation tied to the year’s performance was 40 percent below target based on the company’s performance, Morgan Stanley said in a March filing. Total shareholder return, including appreciation and dividends, was 28 percent in 2012, below the 36 percent median of the bank’s nine largest peers, the firm said.
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