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MARSH & MCLENNAN COMPANIES, INC.MRSH

Latest proxy: 2026 · view on SEC ↗ · CIK 0000062709

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CEO total pay

$25,051,051

John Q. Doyle · 2025

Say on pay

91%

Latest disclosed shareholder vote

CEO pay ratio

Not in CD&A

Median employee: $76,092

Compensation committee

CD&A

Compensation Committee

Per the latest proxy

Filings indexed: 2 · 2026 · 2025

Executive pay

What did they pay them?

From the Summary Compensation Table. Pay mix and YoY are computed from these rows.

Executive	Role	TotalYoY	Pay mix	Salary	Stock	Cash incentive	Other
John Q. Doyle2025 compensation	President and CEO, Marsh	$25,051,051↑ 10%	92% at-risk	$1,500,000	$9,209,469	$5,550,000	$416,562
Martin C. South2025 compensation	President and Chief Executive Officer, Marsh Risk and Vice Chair, Marsh	$8,000,994↓ 3%	86% at-risk	$1,000,000	$1,759,442	$3,500,000	$141,544
Dean M. Klisura2025 compensation	President and Chief Executive Officer, Guy Carpenter and Vice Chair, Marsh	$6,520,596↓ 1%	84% at-risk	$875,000	$1,099,778	$3,300,000	$143,211
Patrick Tomlinson2025 compensation	President and Chief Executive Officer, Mercer and Vice Chair, Marsh	$6,175,422↓ 16%	83% at-risk	$900,000	$1,264,631	$2,700,000	$154,008
Mark C. McGivney2025 compensation	Chief Financial Officer, Marsh	$8,123,648↑ 2%	85% at-risk	$1,000,000	$1,979,499	$3,100,000	$190,519

Pay mix: base cash incentive equity other

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CD&A excerpt

Compensation discussion & analysis

Opening passage of the loaded filing's CD&A. Use Ask below to query the full text with citations.

The following is a discussion and analysis of our compensation program for our senior executives, focusing on our key compensation principles, policies and practices. This section describes the compensation decisions with respect to the individuals who served during 2025 as our President and Chief Executive Officer, our Chief Financial Officer and our three other most highly compensated executive officers as of December 31, 2025, as listed below. These individuals are included in the “2025 Summary Compensation Table” on page 57. Name Title JOHN Q. DOYLE President and Chief Executive Officer (“CEO”) MARK C. MCGIVNEY Senior Vice President and Chief Financial Officer MARTIN C. SOUTH President and Chief Executive Officer of Marsh Risk Vice Chair, Marsh PATRICK TOMLINSON President and Chief Executive Officer of Mercer Vice Chair, Marsh DEAN M. KLISURA President and Chief Executive Officer of Guy Carpenter Vice Chair, Marsh We refer to these individuals collectively in this Compensation Discussion and Analysis as our “named executive officers” or “NEOs.” When we refer to our “senior executives” in this proxy statement, we mean our CEO, the chief executive officers of our four businesses …

Read the full CD&A on SEC.gov ↗

Peer comparison

Who they benchmark against

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Governance

Policy guardrails

hedging
hedging activities (including short sales, purchases or sales of puts or calls and trading on a short-term basis) in our common stock
“hedging activities (including short sales, purchases or sales of puts or calls and trading on a short-term basis) in our common stock”
pledging
prohibited
“We prohibit our senior executives and directors from pledging our securities as collateral for a loan or for any other purpose”
clawback
present
“Clawback Policy (the “Recoupment Policy”), which provides for the recoupment of erroneously awarded incentive compensation in the event that (i) such incentive compensation awarded to a current or former executive office…”
stock ownership guidelines
present
“Executive Stock Ownership Guidelines Our senior executives are required to acquire and hold shares or stock units (excluding PSUs) of our common stock with an aggregate value at least equal to a specified multiple of the…”
change in control
We provide “double-trigger” vesting of equity-based awards and payment of severance benefits following a change in control of the Company
“We provide “double-trigger” vesting of equity-based awards and payment of severance benefits following a change in control of the Company”
compensation consultant
independent
“independent compensation consultant”
compensation committee
Compensation Committee
“The Compensation Committee set Mr”

Performance markers

Metric facts

relative tsr
38th percentile
“For the 2023 PSU award, our three-year TSR was at the 38th percentile versus S&P 500 constituents, which resulted in a 0.88x relative TSR modifier.”
revenue
$400 million
“capital allocation model. • We raised our quarterly dividend by 10%, paying total dividends of approximately $1.7 billion in 2025. This marks the 16th consecutive year of dividend growth. • We deployed approximately $850…”
operating income
20%
“incentive for excessive risk-taking. Financial and Strategic Performance Measures The Compensation Committee selected the following measures and weightings for the 2025 annual bonus awards: Financial Performance Strategi…”
say on pay
91%
“votes cast on the say on pay proposal were voted in favor of our executive compensation philosophy, policies and practices.”
median employee compensation
$76,092
“CEO Pay Ratio In accordance with Section 953(b) of the Dodd-Frank Act and Item 402(u) of Regulation S-K of the Securities Act, we are required to provide information regarding the relationship-between the annual total co…”

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