Lazard paid Chairman and CEO Kenneth Jacobs $8.5m in 2012, down 5% from the prior year, and set new pay-clawback and other compensation-related policies for its top executives.
The Wall Street Journal reports that the merger-and-acquisition advisory and asset-management company made changes to its compensation policies last year in response to feedback from shareholders, according to a proxy filed Friday with the Securities and Exchange Commission.
And The Financial Times reports that the Man Group has scrapped bonuses for its top executives, in the first sign that the City debate over pay has spilled over into the freewheeling hedge fund industry.
While bankers and their bonuses have been in the sights of shareholders, politicians and regulators for some time, most hedge funds have until now dodged scrutiny.
Peter Clarke, Man’s recently-departed chief executive, is to receive no bonus payment for 2012 after picking up a $7m pay package in 2011. In 2008, his first year as CEO of the company, he was paid as much as $27m.
Lazard Tightens the Reins on Pay (subscriber content)
Man Group drops executive bonuses (subscriber content)
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