Laurence D. Fink, chairman and CEO of BlackRock (BLK) Inc. (BLK), received total compensation of $27.95 million in 2017, a 9.6% increase over the previous year, according to the company's proxy filing Friday with the Securities and Exchange Commission.
The largest portion of Mr. Fink's compensation in 2017 — $12.45 million — came in long-term equity awards, while $4.6 million came from deferred equity, $10 million in cash and $900,000 in base salary
In 2016, Mr. Fink's compensation was $900,000 in base salary, an $8 million cash incentive, $4.15 million in deferred equity and $12.45 million in long-term incentives.
Mr. Fink's 2016 compensation was 1.2% less than the previous year.
The 2017 pay increase was "based on BlackRock's financial performance, strong business results and organizational improvement in 2017," according to the filing. BlackRock had total net inflows of $367 billion in 2017, the strongest flows in BlackRock's history, the filing said. Total net inflows included long-term net inflows of $330 billion, representing organic asset growth of 7%.
Also, "total revenue increased 12% relative to 2016, primarily driven by base fee growth, as a result of strong organic growth and market appreciation, strong performance fees and continued momentum in our technology and risk management businesses," the filing said.