Aon PLC's top executives received flat or slightly higher salary increases last year but saw significant increases in their total remuneration, according to regulatory documents submitted late on Friday.
The announcement comes about nine months after the brokerage firm's decision to restore COVID-19-related pay cuts that it introduced about 70% of staff shortly after the pandemic broke out and about five months after it reversed a steeper cut in management's executive pay.
Part of the sharp increase in management's remuneration for 2020 reflects management's decision. earlier last year to waive payments of insignificant incentives for the previous year.
According to the company's preliminary board agreement submitted to the Securities and Exchange Commission, CEO Greg Case received $ 20.3 million in total compensation in 2020, an increase of 26.8% compared to his 201
Christa Davies, Aon's CFO, received a total compensation of $ 12.2 million last year, a 58.2% increase, and Eric Andersen, Aon's president, received $ 6.7 million, an increase of 50% of the total the compensation. The salary component in both managers' remuneration increased by only 2.6%.
In April last year, in a controversial move that was not followed by its closest competitors, Aon introduced a temporary pay cut of 20% on about 70% of its staff to the financial uncertainties caused by COVID-19. The agency also announced that its top executives would take 50% pay cuts and promised to keep all staff during the pandemic. . In October, it reversed the cut for senior executives and said it would repay the amounts withheld.
Insurance brokers' financial performance was generally not as severely affected by the pandemic as some feared at the beginning of the crisis. Aon reported a 1% increase in revenue and a 28.3% increase in earnings for 2020.