BlackRock’s Fink Earned $20.2 Million in 2012 as Pay Fell
BlackRock Inc. (BLK), the world’s biggest money manager, paid Chief Executive Officer Laurence D. Fink $20.2 million in 2012, a 7.5 percent decrease from the prior year.
Fink received $500,000 in salary, $8.6 million in a cash bonus, $10.9 million in stock awards and $187,350 in other compensation, according to a proxy filing today that calculated pay using U.S. Securities and Exchange Commission rules. Fink earned $21.9 million in total compensation in 2011, according to the filing.
Fink, 60, oversees $3.94 trillion in assets as head of BlackRock. The decrease in Fink’s compensation resulted from his stock award declining 16 percent and other compensation dropping 2.5 percent. BlackRock President Robert S. Kapito’s compensation fell 9.1 percent to $15.4 million, also driven by a reduced stock award.
BlackRock’s shares rose 16 percent last year, compared with a 25 percent increase in the 20-company Standard & Poor’s index of asset managers and custody banks. Net income for New York- based BlackRock in 2012 rose 5 percent from a year earlier to $2.46 billion. Assets under management increased 8 percent.
If pay is calculated using BlackRock’s analysis, Fink earned $21.5 million, or a 10 percent increase from a year earlier, according to the filing.
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