(Adds details on BlackRock compensation)
By Trevor Hunnicutt
NEW YORK, April 13 BlackRock Inc, the
world's largest asset manager, cut total compensation for
Chairman and Chief Executive Officer Larry Fink by 1 percent in
2016, according to a filing on Thursday.
Fink was awarded $25.5 million in compensation last year,
compared with $25.8 million in 2015, based on a calculation of
his pay in line with U.S. Securities and Exchange Commission
But the BlackRock board committee that oversees compensation
said Fink's pay for the year declined "modestly," by 2 percent,
according to its calculations. Those figures differ because
BlackRock reports some incentive pay in a different year.
The company's president, Rob Kapito, was paid $19.6 million,
according to the calculations required by regulators. Both
Kapito and Fink were among BlackRock's founders in 1988.
BlackRock earlier cut its annual employee bonuses by 2 to 4
percent for 2016, according to a person familiar with the
BlackRock's stock rose 11.8 percent in price terms during
2016. That compares to an 8.4 percent rise for a Thomson Reuters
index that includes 26 of its industry rivals in the United
Net income of New York-based BlackRock fell 5 percent in
2016 to nearly $3.2 billion even as assets the company managed
grew by 11 percent to $5.1 trillion.
Investment managers have been pressured by a move to
BlackRock's iShares unit, which offers relatively low-fee
exchange-traded funds that track the markets, reeled in $140
billion last year.
Fink is often quoted for his views on the markets and
corporate governance, and is listed among "The World's Best
CEOs" by the newspaper Barron's.
The company is slated to report first-quarter earnings next
(Reporting by Trevor Hunnicutt; Editing by Tom Brown and Chris