PNC Financial Services Group CEO William Demchak was paid $7.98 million in total compensation last year, up 6 percent from $7.53 million in 2012, according to the Pittsburgh-based bank’s proxy statement filed Thursday for its annual shareholders meeting.
Mr. Demchak, who succeeded James Rohr as CEO in April 2013, saw his base salary jump 23 percent to $922,115 from $750,000. Total compensation includes salary, stock awards, cash incentives and other compensation.
Mr. Rohr, who in April assumed the role of executive chairman for one year, had $8.5 million in total compensation in 2013, down 5 percent from $8.94 million the previous year. His base salary was $1.06 million last year, down 12 percent from $1.2 million, the proxy showed.
PNC will hold its annual meeting at 11 a.m. April 22 at the Intercontinental Hotel in Tampa, Fla.
The meeting site “highlights PNC’s strong commitment to expanding its business relationships in the southeast,” spokesman Fred Solomon said.
PNC has about 200 branches across Florida that were acquired in recent years through the purchase of National City Bank and the Royal Bank of Canada’s U.S. operations.
PNC last held its annual meeting outside of its hometown in 2011. Last year’s meeting at the August Wilson Center, Downtown, was the site of vigorous protests from environmental activists calling for the bank to stop lending money to companies engaged in mountaintop removal coal mining.
At this year’s meeting, shareholders again will be asked to consider a shareholder proposal requesting that PNC produce a report assessing the risks and impact on climate change from greenhouse gas emissions produced by companies in its lending portfolio.
PNC’s board is recommending that shareholders vote against the proposal, submitted by Boston Common Asset Management.
Among other things, the board said such a report “is not an appropriate use of corporate assets,” and could not be produced “at a reasonable cost.”
Patricia Sabatini: firstname.lastname@example.org or 412-263-3066.
First Published March 13, 2014 11:03 AM