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Wednesday, May 25, 2011

BlackRock Defends Fink's Pay

News summary by MFWire's editors

Larry Fink took home the biggest paycheck in finance last year, at least among CEOs of publicly-traded firms, yet was it worth it for BlackRock's [see profile] shareholders? Bloomberg Markets' Nikolaj Gammeltoft and Laura Marcinek report that the BlackRock CEO's compensation rose 50 percent last year to $23.8 million in salary and stock, despite total shareholder return (i.e. share price change, plus dividends, and then all of that divided by the starting price) of negative 16 percent.

The report draws on data to be published in the July issue of Bloomberg Markets.

A BlackRock spokesman told Bloomberg that Fink's 2010 compensation "reflected a wide range of factors, including BlackRock's record financial performance last year -- with revenues up 83 percent, earnings up 54 percent, dividends up 38 percent and strong asset growth and investment results across our newly expanded business."

This isn't the first time that Fink's 2010 pay has landed him on the top of a list. Earlier this month the Associated Press and the Wall Street Journal each published their own lists of the highest-paid publicly-traded company CEOs of last year, with Fink topping the finance category from both lists [see The MFWire, 5/6/2011 and 5/9/2011]. 

Edited by: Neil Anderson, Managing Editor


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