Total compensation awarded to Laurence D. Fink, chairman and CEO of BlackRock, fell 14% to $24 million in 2018, according to the firm's proxy filing Friday with the Securities and Exchange Commission.
The largest portion of Mr. Fink's 2018 compensation — $10.5 million — came from a long-term incentive award, followed by cash at $7.75 million; deferred equity, $4.25 million; and base salary, $1.5 million.
In 2017, Mr. Fink's compensation totaled $27.95 million, comprised of a $12.45 million long-term incentive award; cash, $10 million; deferred equity, $4.6 million; and $900,000 in base salary.
Mr. Fink's 2017 total compensation package was 9.6% larger than the previous year.
Total 2018 compensation for Mr. Fink and other named executive officers was based on three categories with the following weightings: 50% BlackRock's financial performance, 30% business strengths and 20% organizational strengths.
BlackRock's compensation committee determines the appropriate mix between cash, deferred equity and long-term equity for each executive. For all NEOs, at least half of their total incentive award is delivered through equity, according to the proxy document.
Regarding BlackRock's 2018 financial results, long-term net inflows totaled $123 billion, representing 2% organic growth "compared to large-cap asset management peers who saw on average -1% organic asset decay," BlackRock said in the proxy document. The firm also returned $3.6 billion to shareholders "despite meaningful headwinds in the asset management industry," the proxy statement said.
BlackRock's total revenue increased 4% to $14.2 billion compared to 2017.
BlackRock managed $5.98 trillion as of Dec. 31.