Morgan Stanley nominates ex-UK regulator to its board, boosts executive pay

By Jerry  Published On April 8, 2024
April 5 (Reuters) – Morgan Stanley (MS.N), opens new tab nominated former UK financial regulator Megan Butler to its board of directors, the bank said in a filing on Friday.
Butler, 59, previously served as executive director at the UK Prudential Regulation Authority and the Financial Conduct Authority. Shareholders will vote on director nominees at Morgan Stanley’s virtual annual meeting on May 23.
Morgan Stanley in January agreed to pay $249 million to settle a government investigation into its block trading practices in the fourth quarter.
The bank also on Friday laid out details for executive pay for the shareholder vote, reflecting an average increase of 13% for its top five executives.
The board awarded Executive Chairman James Gorman, who served as CEO until the end of last year, a 17% pay bump to $37 million.
Directors cited Gorman’s “exemplary executive talent development,” which “led to the successful execution of an orderly, multi-year CEO succession planning process that is uncommon in financial services.”
Source: REUTER

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