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 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.
he 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."
The bank
also explained its decision to pay $20 million one-time awards to new CEO Ted
Pick, who took the helm at the start of the year, and Co-Presidents Andy Saperstein
and Dan Simkowitz "to reinforce the message of collaboration in leadership
through the transition."
Excluding
the one-time award, Pick's compensation for last year stood at $25 million when
he ran the bank's division encompassing investment banking and trading.
Saperstein,
who leads wealth and investment management, was awarded $21.5 million.
Simkowitz, the former head of investment management who now leads institutional
securities, was given $20 million. Finance chief Sharon Yeshaya was awarded
$13.5 million.
Morgan
Stanley will report first-quarter earnings on April 16.
https://www.zawya.com/en/wealth/wealth-management/morgan-stanley