Boston, MA 04/22/2013 (wallstreetpr) – The largest money manger in the world, BlackRock, Inc (NYSE:BLK) (Closed: $250.16, Up by 1.98%), paid Laurence D. Fink, its Chief Executive Officer $20.2 million for 2012, which was a decrease of 7.5 percent from the pervious year. He received a salary of $500,000, a cash bonus of $8.6 million as well as $10.9 million worth of stock awards. $187,350 came from other compensation. This information was mentioned in the proxy filing that is calculated using the rules that have been laid out by the United States Security and Exchange Commission. According to the filing, Fink earned a total compensation of $21.9 million in 2011.
As the head of BlackRock, the 60-year-old Fink oversees assets worth $3.94 trillion. The reduction in his compensation has been attributed to the 16 percent decline in his stock award and a drop of 2.5 percent in other compensation. Robert S Kapito, the BlackRock president also received a lower compensation which was also a result of a reduction in stock award. His total compensation dropped to $15.4 million which was a 9.1 percent dip. In comparison to the 25 percent rise in the Standard and Poor’s index of custody banks and asset managers, covering 20 companies, last year, BlackRock shares saw an increase of 16 percent.
The New York-based BlackRock’s net income rose to 5 percent in 2012, from a year earlier and touched $2.46 billion. There was an 8 percent increase in assets under management. According to the filing, if BlackRock’s analysis is used to calculate pay, Fink’s earnings were $21.5 million which was a 10 percent increase from the previous year.