* Total 2011 compensation down 25 pct
* Company says board would have approved bonus
BOSTON, April 5 (Reuters) - Hartford Financial Services Group’s chief executive has asked not to be paid a bonus for 2011, though the board determined he was entitled to one, the company said in its annual proxy filing.
Liam McGee earned a total of $7.9 million in 2011, down 25 percent from his 2010 compensation, according to the filing on Thursday.
“The independent directors determined that Mr. McGee would have otherwise received an incentive award, but they honored Mr. McGee’s request and awarded no cash bonus for 2011,” Hartford said.
The company’s shares lagged many peers last year, ending up with one of the lowest valuations in the entire insurance industry.
Last month, following a lengthy review and pressure from top shareholder John Paulson, the company said it would shut down its annuity business and sell off most of its life insurance operations to focus on the property insurance sector.