Manulife Financial Lowers Compensation for CEO Guloien

Manulife Financial Corp. (MFC), Canada’s largest insurer, reduced Chief Executive Officer Donald Guloien’s compensation by 7.7 percent for 2011, a year in which the shares fell by more than a third.

Guloien received C$8.1 million ($8.1 million) in salary, share-based awards, option-based awards, incentive plans and other compensation, the Toronto-based insurer disclosed in a filing to securities regulators today. That compares with C$8.78 million a year ago. Both figures exclude costs to service his pension.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Dan Kraut at dkraut2@bloomberg.net.