Former financial regulator in the UK Megan Butler nominated to Morgan Stanley Board

Megan Butler, a former financial regulator in the UK, was nominated by Morgan Stanley to the Board of Directors, the bank announced in a statement.

Butler, aged 59, previously held positions as Executive Director at the UK Prudential Regulation Authority and the Financial Conduct Authority. Shareholders are set to cast their votes on Director nominees during Morgan Stanley’s upcoming virtual annual meeting scheduled for May 23.

In January, Morgan Stanley reached a settlement of $249 million in response to a government investigation into its block trading practices during the fourth quarter.

Furthermore, the bank disclosed details regarding executive compensation for the shareholder vote, revealing an average increase of 13% for its top five executives.

Executive Chairman James Gorman, who concluded his tenure as CEO at the end of last year, received a 17% salary hike to $37 million.

Additionally, the bank elaborated on its decision to provide one-time awards of $20 million each to new CEO Ted Pick, who assumed leadership at the beginning of the year, and Co-Presidents Andy Saperstein and Dan Simkowitz. This allocation aimed to emphasise collaborative leadership during the transition period.

Saperstein, leading wealth and investment management, received an award of $21.5 million, while Simkowitz, leading institutional securities, granted $20 million. Finance chief Sharon Yeshaya was awarded $13.5 million.