The Globe and Mail reports in its Thursday, April 2, edition that Manulife Financial executives saw big bumps in their compensation in 2019 thanks to increased incentive pay. The Globe's David Milstead writes that
Manulife paid chief executive officer Roy Gori $14.7-million last year, up from $12.99-million the year before. His cash bonus of $4.9-million was up from $4.1-million in 2018, and he received share and option awards totalling just less than $7.4-million, about $800,000 more than the year before. Manulife has an incentive plan that sets a "target" bonus based on a percentage of salary. It evaluates business results for the past year, and adjusts the target bonus amount up or down. Then, it evaluates individual performance and adjusts again. The end result can be business performance that comes in under the company's goals but a bonus that ends up above targets because of executives' individual performance.
Bonuses for Manulife's top executives were up about 10 per cent to 20 per cent compared with 2018. Manulife said it exceeded its annual financial goals for earnings and the profitability of the new business it generated.
Manulife did not do as well, compared with its goals, as it did in 2018.
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