XML 84 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
One of the key principles by which we govern our executive compensation program is to support a strong performance culture through short-term and long-term variable compensation. In 2024, performance-based compensation represented 83% or more of each of our named executive officers’ target total direct compensation. As a result of this weighting toward variable, performance-based compensation, the financial performance of the Company, including stock performance, plays an integral role in determining the compensation actually paid to each of our named executive officers each year.
 
               
 
 
 
  
 
 
 
    
 
 
 
    
 
 
 
    
 
 
 
    
Value of Initial Fixed $100
Investment Based on
    
 
 
 
    
 
 
 
 
Fiscal
Year
(a)
  
Summary
Compensation
Table Total for
PEO
(1)
(b)
    
Compensation
Actually Paid
to PEO
(2)
(c)
    
Average
Summary
Compensation
Table Total for
Non-PEO
NEOs
(1)
(d)
    
Average
Compensation
Actually Paid
to Non-PEO
NEOs
(2)
(e)
    
Total
Shareholder
Return
(3)
(f)
    
Peer Group
Total
Shareholder
Return
(3)
(g)
     Net Income 
(4)

(h)
    
Adjusted EPS
Growth as
Further
Adjusted for
Executive
Compensation
Purposes
(5)
(i)
 
2024
     22,807,539        32,339,406        7,546,124        9,819,968        206        173        4,060.0        10.6%  
2023
     19,054,956        31,181,865        7,172,630        11,156,213        181        133        3,756.0        18.8%  
2022
     30,924,435        23,167,779        8,088,411        8,272,370        156        118        3,050.0        14.6%  
2021
     21,519,703        89,772,223        6,997,689        21,130,889        161        133        3,143.0        20.5%  
2020
     19,695,980        19,045,490        6,256,705        5,992,046        107        98        2,016.0        7.5%  
 
(1)
In 2024 and 2023, John Q. Doyle was our Principal Executive Officer (PEO) and in 2020, 2021 and 2022, Daniel S. Glaser was our Principal Executive Officer. Our other NEOs consisted of (i) for 2020 and 2021: Mark C. McGivney, John Q. Doyle, Peter C. Hearn and Martine Ferland; (ii) for 2022: Mark C. McGivney, John Q. Doyle, Martin C. South and Martine Ferland, (iii) for 2023: Mark C. McGivney, Martin C South, Martine Ferland and Dean M. Klisura and (iv) for 2024: Mark C. McGivney, Martin C South, Patrick Tomlinson and Dean M. Klisura.
 
(2)
Represents the amount of “Compensation Actually Paid” to our NEOs as computed in accordance with Item 402(v) or Regulation
S-K.
The dollar amounts do not reflect the actual amount of compensation earned or paid to our NEOs during the applicable year. The following tables show the amounts deducted from and added to the Summary Compensation Table total for the PEO and for the average Summary Compensation Table Total for
non-PEO
NEOs.
 
PEO
 
           
Fiscal
Year
 
PEO Summary
Compensation
Table
(SCT) Total
   
Additions/
(Subtractions)
for Fair
Value of
Equity
Awards
Granted
during
Fiscal Year
Reported
in SCT
(a)
   
Additions/
(Subtractions)
for Change
in Pension
Value
Reported
in SCT
(a)
   
Adjustments
to PEO
Summary
Compensation
Table
Total
(b)
   
PEO
Compensation
Actually Paid
 
2024
    22,807,539       (14,421,635)       0       23,953,502       32,339,406  
2023
    19,054,956       (11,325,102)       0       23,452,011       31,181,865  
Average Non-PEO NEOs
 
           
Fiscal
Year
 
Average
Non-PEO
Summary
Compensation
Table
(SCT) Total
   
Additions/
(Subtractions)
for Fair
Value of
Equity
Awards
Granted
during
Fiscal Year
Reported
in SCT
(a)
   
Additions/
(Subtractions)
for Change
in Pension
Value
Reported
in SCT
(a)
   
Adjustments
to Average
Non-PEO
Summary
Compensation
Table
Total
(b)
   
Average
Non-PEO
Compensation
Actually Paid
 
2024
    7,546,124       (2,937,798)       (10,844)       5,222,486       9,819,968  
2023
    7,172,630       (2,652,800)       (29,056)       6,665,439       11,156,213  
 
(a)
Includes the grant date fair value of stock awards and option awards, computed in accordance with FASB ASC Topic 718, as well as the aggregate change in the actuarial present value of the NEOs accumulated benefit under the Company’s defined benefit pension plans.
 
(b)
Includes the value of equity awards, calculated in accordance with Item 402(v) of Regulation
S-K.
The equity component of CAP is further detailed in the tables below for the Company’s PEO and average
non-PEO
NEOs, for fiscal year 2024. We did not report a service cost for the Company’s pension plans.
 
 
 
PEO
 
           
Fiscal
Year
 
Year-End
Fair
Value of
Equity
Awards
Granted
During the
Fiscal Year
that are
Outstanding
and
Unvested
    Change in
Fair Value of
Prior Year
Awards that
are
Outstanding
and Unvested
    Change in
Fair Value
(from Prior
Year-End) of
Prior Year
Awards that
Vested
During the
Fiscal Year
    Dividends
Paid on Stock
or Stock
Option
Awards Not
Otherwise
Reflected in
Fair Value of
Total
Compensation
    Total
Adjustments
 
2024
    16,961,136       (5,907,710)       12,694,817       205,258       23,953,502  
2023
    20,058,065       (5,651,484)       8,877,840       167,590       23,452,011  
Average Non-PEO NEOs
 
           
Fiscal
Year
 
Year-End

Fair Value
of Equity
Awards
Granted
During the
Fiscal Year
that are
Outstanding
and
Unvested
    Change in
Fair Value of
Prior Year
Awards that
are
Outstanding
and Unvested
    Change in
Fair Value
(from Prior
Year-End)
of Prior
Year
Awards that
Vested
During the
Fiscal Year
    Dividends
Paid on Stock
or Stock
Option
Awards Not
Otherwise
Reflected in
Fair Value of
Total
Compensation
    Total
Adjustments
 
2024
    3,418,980       (3,142,951)       4,849,277       97,180       5,222,486  
2023
    4,698,499       (2,541,694)       4,425,065       83,569       6,665,439  
(3)
Reflects cumulative total stockholder return assuming $100 invested in the Company’s common stock versus the S&P 500 Financial index on December 31, 2019 with dividends reinvested. The peer group used for this purpose is the S&P 500 Financial index.
 
(4)
Reflects “Net Income” as required to be disclosed in the Company’s audited financial statements, included in the Company’s Annual Report on Form
10-K
for the years ended December 31, 2024, December 31, 2023 and December 31, 2022.
 
(5)
Adjusted EPS as further adjusted for executive compensation purposes is a
non-GAAP
measure. For the definition, please refer to the “Definitions of Financial Performance Measures” section on page 48 of the Compensation Discussion and Analysis.
       
Company Selected Measure Name Adjusted EPS        
Named Executive Officers, Footnote NEOs consisted of (i) for 2020 and 2021: Mark C. McGivney, John Q. Doyle, Peter C. Hearn and Martine Ferland; (ii) for 2022: Mark C. McGivney, John Q. Doyle, Martin C. South and Martine Ferland, (iii) for 2023: Mark C. McGivney, Martin C South, Martine Ferland and Dean M. Klisura and (iv) for 2024: Mark C. McGivney, Martin C South, Patrick Tomlinson and Dean M. Klisura.        
Peer Group Issuers, Footnote Reflects cumulative total stockholder return assuming $100 invested in the Company’s common stock versus the S&P 500 Financial index on December 31, 2019 with dividends reinvested. The peer group used for this purpose is the S&P 500 Financial index.        
Adjustment To PEO Compensation, Footnote
(2)
Represents the amount of “Compensation Actually Paid” to our NEOs as computed in accordance with Item 402(v) or Regulation
S-K.
The dollar amounts do not reflect the actual amount of compensation earned or paid to our NEOs during the applicable year. The following tables show the amounts deducted from and added to the Summary Compensation Table total for the PEO and for the average Summary Compensation Table Total for
non-PEO
NEOs.
PEO
 
           
Fiscal
Year
 
PEO Summary
Compensation
Table
(SCT) Total
   
Additions/
(Subtractions)
for Fair
Value of
Equity
Awards
Granted
during
Fiscal Year
Reported
in SCT
(a)
   
Additions/
(Subtractions)
for Change
in Pension
Value
Reported
in SCT
(a)
   
Adjustments
to PEO
Summary
Compensation
Table
Total
(b)
   
PEO
Compensation
Actually Paid
 
2024
    22,807,539       (14,421,635)       0       23,953,502       32,339,406  
2023
    19,054,956       (11,325,102)       0       23,452,011       31,181,865  
(a)
Includes the grant date fair value of stock awards and option awards, computed in accordance with FASB ASC Topic 718, as well as the aggregate change in the actuarial present value of the NEOs accumulated benefit under the Company’s defined benefit pension plans.
 
(b)
Includes the value of equity awards, calculated in accordance with Item 402(v) of Regulation
S-K.
The equity component of CAP is further detailed in the tables below for the Company’s PEO and average
non-PEO
NEOs, for fiscal year 2024. We did not report a service cost for the Company’s pension plans.
PEO
 
           
Fiscal
Year
 
Year-End
Fair
Value of
Equity
Awards
Granted
During the
Fiscal Year
that are
Outstanding
and
Unvested
    Change in
Fair Value of
Prior Year
Awards that
are
Outstanding
and Unvested
    Change in
Fair Value
(from Prior
Year-End) of
Prior Year
Awards that
Vested
During the
Fiscal Year
    Dividends
Paid on Stock
or Stock
Option
Awards Not
Otherwise
Reflected in
Fair Value of
Total
Compensation
    Total
Adjustments
 
2024
    16,961,136       (5,907,710)       12,694,817       205,258       23,953,502  
2023
    20,058,065       (5,651,484)       8,877,840       167,590       23,452,011  
       
Non-PEO NEO Average Total Compensation Amount $ 7,546,124 $ 7,172,630 $ 8,088,411 $ 6,997,689 $ 6,256,705
Non-PEO NEO Average Compensation Actually Paid Amount $ 9,819,968 11,156,213 8,272,370 21,130,889 5,992,046
Adjustment to Non-PEO NEO Compensation Footnote
(2)
Represents the amount of “Compensation Actually Paid” to our NEOs as computed in accordance with Item 402(v) or Regulation
S-K.
The dollar amounts do not reflect the actual amount of compensation earned or paid to our NEOs during the applicable year. The following tables show the amounts deducted from and added to the Summary Compensation Table total for the PEO and for the average Summary Compensation Table Total for
non-PEO
NEOs.
Average Non-PEO NEOs
 
           
Fiscal
Year
 
Average
Non-PEO
Summary
Compensation
Table
(SCT) Total
   
Additions/
(Subtractions)
for Fair
Value of
Equity
Awards
Granted
during
Fiscal Year
Reported
in SCT
(a)
   
Additions/
(Subtractions)
for Change
in Pension
Value
Reported
in SCT
(a)
   
Adjustments
to Average
Non-PEO
Summary
Compensation
Table
Total
(b)
   
Average
Non-PEO
Compensation
Actually Paid
 
2024
    7,546,124       (2,937,798)       (10,844)       5,222,486       9,819,968  
2023
    7,172,630       (2,652,800)       (29,056)       6,665,439       11,156,213  
 
(a)
Includes the grant date fair value of stock awards and option awards, computed in accordance with FASB ASC Topic 718, as well as the aggregate change in the actuarial present value of the NEOs accumulated benefit under the Company’s defined benefit pension plans.
 
(b)
Includes the value of equity awards, calculated in accordance with Item 402(v) of Regulation
S-K.
The equity component of CAP is further detailed in the tables below for the Company’s PEO and average
non-PEO
NEOs, for fiscal year 2024. We did not report a service cost for the Company’s pension plans.
Average Non-PEO NEOs
 
           
Fiscal
Year
 
Year-End

Fair Value
of Equity
Awards
Granted
During the
Fiscal Year
that are
Outstanding
and
Unvested
    Change in
Fair Value of
Prior Year
Awards that
are
Outstanding
and Unvested
    Change in
Fair Value
(from Prior
Year-End)
of Prior
Year
Awards that
Vested
During the
Fiscal Year
    Dividends
Paid on Stock
or Stock
Option
Awards Not
Otherwise
Reflected in
Fair Value of
Total
Compensation
    Total
Adjustments
 
2024
    3,418,980       (3,142,951)       4,849,277       97,180       5,222,486  
2023
    4,698,499       (2,541,694)       4,425,065       83,569       6,665,439  
       
Compensation Actually Paid vs. Total Shareholder Return LOGO        
Compensation Actually Paid vs. Net Income LOGO        
Compensation Actually Paid vs. Company Selected Measure LOGO        
Total Shareholder Return Vs Peer Group LOGO        
Tabular List, Table
 
Most Important Performance Measures
(3 to 7 metrics without ranking)
TSR
Adjusted EPS as further adjusted for executive compensation purposes
Operating NOI growth
       
Total Shareholder Return Amount $ 206 181 156 161 107
Peer Group Total Shareholder Return Amount 173 133 118 133 98
Net Income (Loss) $ 4,060 $ 3,756 $ 3,050 $ 3,143 $ 2,016
Company Selected Measure Amount 0.106 0.188 0.146 0.205 0.075
Measure:: 1          
Pay vs Performance Disclosure          
Name TSR        
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted EPS as further adjusted for executive compensation purposes        
Non-GAAP Measure Description Adjusted EPS as further adjusted for executive compensation purposes is a
non-GAAP
measure. For the definition, please refer to the “Definitions of Financial Performance Measures” section on page 48 of the Compensation Discussion and Analysis.
       
Measure:: 3          
Pay vs Performance Disclosure          
Name Operating NOI growth        
John Q. Doyle [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 22,807,539 $ 19,054,956      
PEO Actually Paid Compensation Amount $ 32,339,406 $ 31,181,865      
PEO Name John Q. Doyle John Q. Doyle      
Daniel S. Glaser [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount     $ 30,924,435 $ 21,519,703 $ 19,695,980
PEO Actually Paid Compensation Amount     $ 23,167,779 $ 89,772,223 $ 19,045,490
PEO Name     Daniel S. Glaser Daniel S. Glaser Daniel S. Glaser
PEO | John Q. Doyle [Member] | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 23,953,502 $ 23,452,011      
PEO | John Q. Doyle [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 16,961,136 20,058,065      
PEO | John Q. Doyle [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (5,907,710) (5,651,484)      
PEO | John Q. Doyle [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 12,694,817 8,877,840      
PEO | John Q. Doyle [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 205,258 167,590      
PEO | John Q. Doyle [Member] | Additions (Subtractions) for Fair Value of Equity Awards Granted during Fiscal Year Reported in SCT [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (14,421,635) (11,325,102)      
PEO | John Q. Doyle [Member] | Additions (Subtractions) for Change in Pension Value Reported in SCT [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0      
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,222,486 6,665,439      
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,418,980 4,698,499      
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,142,951) (2,541,694)      
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,849,277 4,425,065      
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 97,180 83,569      
Non-PEO NEO | Additions (Subtractions) for Fair Value of Equity Awards Granted during Fiscal Year Reported in SCT [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,937,798) (2,652,800)      
Non-PEO NEO | Additions (Subtractions) for Change in Pension Value Reported in SCT [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (10,844) $ (29,056)