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DEF 14A
BLK Blackrock Inc.
14 Apr 22
Definitive proxy
4:03pm
Compensation Discussion and Analysis | 4. 2021 NEO Compensation and Performance Summaries
Performance CategoryPerformance HighlightsAssessment
Business StrengthDeliver on client commitments •   Led another strong year of investment performance across active products, with alpha generation and active strategies growth enabled by continued investments in data science and other portfolio construction innovations. •   Led BlackRock to record $1.1 billion annual performance fees on the strength of the year’s alpha generation. In particular, the majority of BlackRock’s active fixed income and active equity AUM beat their benchmarks or peer medians as measured over trailing 1-, 3- and 5-year periods from year-end:Far Exceeds Expectations
Actively managed AUM above benchmark or peer median1-Yr3-Yr5-Yr
Taxable Fixed Income61%87%88%
Tax-Exempt Fixed Income76%79%81%
Fundamental Equity52%72%78%
Systematic Equity66%72%93%
•   Over 97% of Index Equity and 85% of Index Fixed Income assets within index tracking tolerance across 1, 3 and 5-year horizons.
Grow with our clients’ needs and evolve how we serve clients •   Partnered with Mr. Kushel to lead growth in multi-asset strategies, including expanding BlackRock’s outsourced chief investment officer (“OCIO”) business to more than $200 billion in AUM by the end of 2021. •   In partnership with Mr. Fink, expanded BlackRock’s alternative strategies platform that raised a record $42 billion of client capital for infrastructure, private credit, real estate and private equity strategies that provided clients opportunities for portfolio diversification and higher returns. •   Guided the growth and management of record AUM of more than $10 trillion at year-end, including $2.6 trillion in active, $6.6 trillion in iShares ETFs & Index and $0.8 trillion in cash management strategies.
Lead in a changing world •   In partnership with Messrs. Fink and Kushel, increased the availability and innovation of sustainable products, more than doubling the firm’s offering of sustainable mutual funds and ETFs to 250 from fewer than 100 in 2019, including two transparent active carbon transition readiness ETFs in the U.S. •   Continued to partner with Mr. Goldstein in overseeing key day-to-day management challenges, including risks and resource allocation, brought on by the remote work environment that began in 2020 and extended through 2021.
ESG and Organizational StrengthDeliver sustainable solutions for clients •   Oversaw the BlackRock Alternative Investors team’s launch of ESG-focused funds (e.g., the Global Renewable Power Fund) and key partnerships (e.g., Climate Finance Partnership and Decarbonization Partners). •   Continued to expand BlackRock’s sustainable investments strategies, which saw a record $104 billion of net inflows in 2021. Sustainable AUM as of year-end exceeded $500 billion, up from $200 billion in 2020.Far Exceeds Expectations
Corporate sustainability •   Ensured focus on growing diverse partnerships across the firm, including BlackRock’s Diverse Manager and Diverse Broker Programs.
DEF 14A
BLK Blackrock Inc.
14 Apr 22
Definitive proxy
4:03pm
Following a review of full-year business and individual NEO performance, the MDCC determined 2021 total annual compensation outcomes for each NEO, as outlined in the table below.
2021 Total Incentive Award
NameBase SalaryCashDeferred EquityLong-Term Incentive Award (BPIP)Total Annual Compensation (TAC)% change in TAC vs. 2020Performance Assessment
Laurence D. Fink$1,500,000$11,250,000$4,850,000$18,400,000$36,000,00021%Far Exceeds
Robert S. Kapito$1,250,000$9,700,000$4,650,000$13,150,000$28,750,00017%Far Exceeds
Robert L. Goldstein$500,000$3,875,000$3,375,000$5,750,000$13,500,00015%Far Exceeds
J. Richard Kushel$500,000$4,015,000$3,585,000$3,650,000$11,750,00018%Far Exceeds
Gary S. Shedlin$500,000$3,335,000$2,565,000$3,350,000$9,750,00015%Far Exceeds
DEF 14A
BLK Blackrock Inc.
14 Apr 22
Definitive proxy
4:03pm
Average year-over-year growth since 2011
CEO Total PayNEO Total PayAUMRevenueOperating Income, as adjusted(1)
5%5%11%8%8%
DEF 14A
BLK Blackrock Inc.
14 Apr 22
Definitive proxy
4:03pm
The following table sets forth the number of shares acquired and the value realized by our NEOs during the fiscal year ended December 31, 2021 on the exercise of options or the vesting and/or settlement of RSUs.
Option AwardsStock Awards
NameNumber of Shares Acquired on Exercise (#)Value Realized on Exercise ($)Number of Shares Acquired on Vesting (#)Value Realized on Vesting ($)(1)
Laurence D. Fink31,321$21,964,164
Robert S. Kapito24,499$17,180,169
Robert L. Goldstein8,039$5,637,429
J. Richard Kushel6,540$4,586,240
Gary S. Shedlin6,565$4,603,772
DEF 14A
BLK Blackrock Inc.
14 Apr 22
Definitive proxy
4:03pm
The following table summarizes information, as of December 31, 2021, relating to BlackRock equity compensation plans pursuant to which grants of options, RSUs or other rights to acquire shares of BlackRock common stock may be granted from time to time.
Plan CategoryNumber of securities to be issued upon exercise of outstanding options, warrants and rightsWeighted-average exercise price of outstanding options, warrants and rightsNumber of securities available for issuance under equity compensation plans (excluding securities reflected in first column)
Approved
BlackRock, Inc. Second Amended and Restated 1999 Stock Award and Incentive Plan4,669,745(1)$513.50(2)5,190,152
Amended and Restated BlackRock, Inc. Employee Stock Purchase PlanN/A410,481(3)
Total Approved by Shareholders4,669,7455,600,633
Not Approved
NoneN/A
Total Not Approved by ShareholdersN/A
Total4,669,7455,600,633
DEF 14A
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14 Apr 22
Definitive proxy
4:03pm
DEF 14A
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14 Apr 22
Definitive proxy
4:03pm
DEF 14A
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14 Apr 22
Definitive proxy
4:03pm
DEF 14A
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14 Apr 22
Definitive proxy
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DEF 14A
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14 Apr 22
Definitive proxy
4:03pm
DEF 14A
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14 Apr 22
Definitive proxy
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DEF 14A
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14 Apr 22
Definitive proxy
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DEF 14A
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14 Apr 22
Definitive proxy
4:03pm
DEF 14A
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14 Apr 22
Definitive proxy
4:03pm
DEF 14A
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14 Apr 22
Definitive proxy
4:03pm
DEF 14A
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14 Apr 22
Definitive proxy
4:03pm
DEF 14A
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14 Apr 22
Definitive proxy
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DEF 14A
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14 Apr 22
Definitive proxy
4:03pm
DEF 14A
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14 Apr 22
Definitive proxy
4:03pm
DEF 14A
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14 Apr 22
Definitive proxy
4:03pm