DEF 14A of Raymond James Financial Inc
Filed Jan 8, 2024 · FY20230000720005-24-000007
>10 years
>10 years
>10 years
| | 5.6 average years of service |
>10 years
| 16 | |
>10 years
Director Qualifications The Board believes there are certain minimum qualifications that each director nominee must satisfy in order to be suitable for a position on the Board, including that such nominee: •demonstrates high standards of integrity and character •may not be on the boards of more than three (3) other public companies •offers important perspectives on some aspect of the company’s business, based on experience •may not be subject to certain convictions or judgments of courts or regulatory authorities The table below summarizes the range of selected qualifications and experiences that each non-executive director nominee brings to our Board. The skills included in this table are evaluated against our strategy so that the table can serve as an up-to-date tool for identifying non-executive director nominees who collectively have the complementary experience and skills to guide the company. This summary is not intended to be a complete description of all of the skills and attributes possessed by each director nominee. Additional information about each Board member’s background, business experience and other matters, as well as a description of how each individual’s experience qualifies him or her to serve as a director, is provided below under the heading “Director Biographies”.
>10 years
| Non-Executive Director Nominee | | | | | | | | | Financial Industry Experience | Public Company Chair and/or CEO Experience | Financial Reporting | Corporate Governance | Risk Management | Information Technology | | Marlene Debel | | | | | | | | Robert M. Dutkowsky | | | | | | | | Jeffrey N. Edwards | | | | | | | | Benjamin C. Esty | | | | | | | | Art A. Garcia | | | | | | | | Anne Gates | | | | | | | | Gordon L. Johnson | | | | | | | | Raymond W. McDaniel, Jr. | | | | | | | | Roderick C. McGeary | | | | | | | | Raj Seshadri | | | | | | |
>10 years
| 2024 PROXY STATEMENT | 17 |
>10 years
Director Biographies
>10 years
| | Marlene Debel, 57 Non-Executive Director | | | | Director Since: 2020 RJF Committees •Risk (Chair since 2023) •Audit •Capital Planning Committee | Other Public Directorships •Current: None •Former (past 5 years): None |
>10 years
| Career Highlights •MetLife, Inc., a leading global provider of insurance, annuities, employee benefits and asset management services ▷Executive Vice President, Chief Risk Officer and Head of MetLife Insurance Investments (2023 – present) ▷Executive Vice President and Chief Risk Officer (2019 – 2023) ▷Executive Vice President and Head of Retirement & Income Solutions (2018 – 2019) ▷Executive Vice President and Chief Financial Officer, U.S. Business (2016 – 2018) ▷Executive Vice President and Treasurer (2011 – 2016) •Global Head of Liquidity Risk Management and Rating Agency Relations, Bank of America (2009 – 2011) •Assistant Treasurer, Merrill Lynch & Co., Inc. (2007 – 2008) | Other Professional Experience and Community Involvement •Foundation Board Member, LaGuardia Community College •Former Board Member, Women’s Forum of New York | | Key Experience and Qualifications •Finance and risk management experience: Deep knowledge of finance and more than three decades of experience in financial, strategic and risk management •Financial services management and leadership: Proven business leader who has helped guide organizations through periods of significant growth and change | |
>10 years
| | Robert M. Dutkowsky, 69 Non-Executive Director | | | | Director Since: 2018 RJF Committees •Compensation and Talent (Chair since 2023) •Corporate Governance and ESG | Other Public Directorships •Current: U.S. Foods Holding Corp. (non-executive chair since January 5, 2023); The Hershey Company •Former (past 5 years): Pitney Bowes (2018 - 2023); Tech Data Corporation (2006 – 2020) |
>10 years
| Career Highlights •Tech Data Corporation, a multinational IT products and services distribution company ▷Executive Chairman (2017 – 2020) ▷Chief Executive Officer (2006 – 2018) •President, Chief Executive Officer, and Chairman, Egenera, Inc., a multinational cloud manager and data center infrastructure automation company (2004 – 2006) •President, Chief Executive Officer and Chairman, J.D. Edwards & Co., Inc., an enterprise resource planning (ERP) software company (2002 – 2004) •President, Chief Executive Officer and Chairman, GenRad, Inc., a manufacturer of electronic automatic test equipment and related software (2000 – 2002) | Other Professional Experience and Community Involvement •Board of Directors, First Tee of Tampa Bay •Board of Directors, Moffitt Research Committee •Advisory Board, University of South Florida Business School •Board of Trustees, University of Tampa | | Key Experience and Qualifications •Technology and technology risks: More than 40 years of experience in the information technology industry, including senior executive positions in sales, marketing and channel distribution with leading manufacturers and software publishers •Corporate governance and leadership: Valuable governance perspectives from substantial senior executive leadership roles and experience as a board member and chair of several public and private companies | |
>10 years
| 18 | |
>10 years
| | Jeffrey N. Edwards, 62 Non-Executive Director | | | | Director Since: 2014 RJF Committees •Corporate Governance and ESG •Compensation and Talent •Capital Planning Committee | Other Public Directorships •Current: American Water Works Company, Inc. •Former (past 5 years): None |
>10 years
| Career Highlights •Chief Operating Officer, New Vernon Advisers, LP, a registered investment advisor (2009 – present) •Merrill Lynch & Co., Inc., a global financial services company ▷Vice Chairman (2007 – 2009) ▷Chief Financial Officer (2005 – 2007) ▷Head of Investment Banking for the Americas (2004 – 2005) ▷Head of Global Capital Markets and Financing (2003 – 2005) ▷Co-head of Global Equities (2001 – 2003) | Other Professional Experience and Community Involvement •Director, The NASDAQ Stock Market (2004 – 2006) •Director, Medusind, Inc., a medical billing company (2012 – 2019) | | Key Experience and Qualifications •Financial services industry: More than two decades of capital markets and corporate finance experience at a global financial services firm •Review and preparation of financial statements: Experience as CFO of large financial services company provides valuable insights to our Board | |
>10 years
| | Benjamin C. Esty, 61 Non-Executive Director | | | | Director Since: 2014 RJF Committees •Risk •Compensation and Talent | Other Public Directorships •Current: None •Former (past 5 years): None |
>10 years
| Career Highlights •Harvard University Graduate School of Business Administration ▷Professor of Business Administration teaching corporate finance, corporate strategy and leadership (1993 – present) ▷Roy and Elizabeth Simmons Professor of Business Administration (with tenure, 2005 – present) ▷Head of the Finance Department (2009 – 2014) ▷Founding faculty Chairman, General Management Program (GMP), a comprehensive leadership program for senior executives | Other Professional Experience and Community Involvement •Director and Chair of Audit and Risk Committee, Harvard Business Publishing Group, a not-for-profit education company (2018 - 2023) •Eaton Vance family of mutual funds ▷Independent Trustee (2005 – 2013) ▷Chairman, Portfolio Management Committee (2008 – 2013) •Director, Harvard University Employees Credit Union (1995 – 2001) ▷Member, Finance Committee •Finance and Investment Committee, Deaconess Abundant Life Communities, a not-for-profit continuing care retirement community (2017 – present) •Member of the Advisory Board, The GEM Group (2021 – present), a private seller of promotional products | | Key Experience and Qualifications •Finance, investment and risk management: Extensive knowledge of finance and deep experience in the mutual fund / investment management business, including evaluation of fund performance, investment strategies, acquisition analysis, valuation analysis, trading, and risk management •Financial services industry: Provides valuable insight to the company’s investment banking, commercial banking, and asset management businesses, as well as its own financing activities •Executive leadership development: Experience in leadership development assists Board in oversight of management succession | |
>10 years
| 2024 PROXY STATEMENT | 19 |
>10 years
| | Art A. Garcia, 62 Non-Executive Director | | | | Director Since: 2023 RJF Committees •Risk | Other Public Directorships •Current: ABM Industries Incorporated; American Electric Power Company, Inc.; Elanco Animal Health Incorporated •Former (past 5 years): None |
>10 years
| Career Highlights •Ryder System, Inc., a commercial fleet and supply chain management solutions company ▷Executive Vice President and Chief Financial Officer (2010 – 2019) ▷Senior Vice President, Controller and Chief Accounting Officer (2002 – 2010) ▷Group Director of Accounting Services (2000 – 2002) •Coopers & Lybrand LLP (1984 - 1997) ▷Senior Manager of Business Assurance | Other Professional Experience and Community Involvement •Certified Public Accountant | | Key Experience and Qualifications •Review and preparation of financial statements: Extensive business, financial, and investor relations experience culminating in the role of chief financial officer •Finance management experience: Accomplished background in corporate finance, accounting, financial management, mergers and acquisitions and supply chain management •Risk management experience: Relevant expertise in risk management, highly regulated industries, corporate safety and strategic development | |
>10 years
| | Anne Gates, 64 Non-Executive Director | | | | Director Since: 2018 RJF Committees •Corporate Governance and ESG (Chair since 2022) •Audit | Other Public Directorships •Current: The Kroger Company; Tapestry, Inc. (Chair) •Former (past 5 years): None |
>10 years
| Career Highlights •President, MGA Entertainment, Inc., a developer, manufacturer and marketer of toy and entertainment products for children (2014 – 2017) •The Walt Disney Company, a diversified multinational mass media and entertainment conglomerate (1991 – 2012) ▷Executive Vice President, Chief Financial Officer—Disney Consumer Products (2000 – 2007, 2009 – 2012) ▷Managing Director—Disney Consumer Products Europe and Emerging Markets (2007 – 2009) ▷Senior Vice President of Operations, Planning and Analysis (1998 – 2000) | Other Professional Experience and Community Involvement •Board of Directors, Cynosure (2020 – present) •Board of Trustees, University of California, Berkeley Foundation (2016 – present) •Board of Directors, Salzburg Global Seminar (2018 – present) •Board of Trustees, PBS SoCal (2014 – present) •Board of Trustees, Packard Foundation (2020 – present) •Board of Visitors, Columbia University Engineering School (2021 – present) •Board of Trustees, Save the Children (2023 – present) | | Key Experience and Qualifications •Retail and consumer products insight: Over 25 years’ experience in retail and consumer products industry •International business and growth markets: Broad business background in finance, marketing, strategy and business development, including growing international businesses | |
>10 years
| 20 | |
>10 years
| | Gordon L. Johnson, 66 Non-Executive Director | | | | Director Since: 2010 RJF Committees •Risk •Compensation and Talent | Other Public Directorships •Current: None •Former (past 5 years): None |
>10 years
| Career Highlights •President, Highway Safety Devices, Inc., a full-service specialty contractor (2004 – present) •Bank of America Corporation, a multinational investment bank and financial services company ▷Various managerial and executive positions ▷(1992 – 2002) | Other Professional Experience and Community Involvement •Director of TriState Capital Bank (2022 - present) •Director of Raymond James Bank (2007 - present) •Director, Florida Transportation Builders Association (2007 – 2016) •Director, Santa Fe Healthcare (2008 – 2014) | | Key Experience and Qualifications •Banking and financial services: Over 24 years of experience with unaffiliated banks •Raymond James Bank insights: Sixteen years as a director of Raymond James Bank, a significant part of our business •Entrepreneurial experience: Perspective of an entrepreneur and consumer of business-related financial services | |
>10 years
| | Raymond W. McDaniel, Jr., 66 Non-Executive Director | | | | Director Since: 2023 RJF Committees •Audit •Risk | Other Public Directorships •Current: John Wiley & Sons, Inc. •Former (past 5 years): Moody’s Corporation |
>10 years
| Career Highlights •Moody’s Corporation, a global integrated risk assessment firm ▷Non-executive Chairman (2021 – 2023) ▷Director (2003 – 2023) ▷President and Chief Executive Officer (2012 – 2020) ▷Chairman and Chief Executive Officer (2005 – 2012) ▷Chief Operating Officer (2004 – 2005) ▷Chief Executive Officer, Moody’s Investors Service (2007 – 2020) | Other Professional Experience and Community Involvement •Member, Board of Trustees of Muhlenberg College (2015 - present) •Member, Board of Directors of the Council for Economic Education (2003 - 2005) •Member, State Bar of New York, 1984 | | Key Experience and Qualifications •Finance management experience: Substantial executive leadership, risk management and business operations experience, including 15 years as a chief executive officer •Financial services industry: Proven professional track record navigating worldwide markets, product strategy initiatives and corporate financial performance •Risk management experience: Pertinent expertise in risk management, regulated industries, corporate governance and strategy | |
>10 years
| 2024 PROXY STATEMENT | 21 |
>10 years
| | Roderick C. McGeary, 73 Non-Executive Director | | | | Director Since: 2015 RJF Committees •Audit (Chair since 2023) •Risk •Corporate Governance and ESG | Other Public Directorships •Current: Cisco Systems, Inc.; PACCAR Inc. •Former (past 5 years): None |
>10 years
| Career Highlights •Chairman, Tegile Systems, Inc., a manufacturer of flash storage arrays (2010 – 2012) •BearingPoint, Inc., a multinational management and technology consulting firm ▷Chairman (2004 – 2009) ▷Interim Chief Executive Officer (2004 – 2005) ▷Co-President and Co-Chief Executive Officer (1999 – 2000) •Chief Executive Officer, Brience, Inc., a provider of software that enables companies to personalize customer experiences through broadband or wireless devices (2000 – 2002) •Managing Director, KPMG Consulting LLC, a management consulting firm (April – June 2000) •KPMG LLP, the U.S. member of a global network of professional firms providing audit, tax and advisory services ▷Co-Vice Chairman of Consulting (1997 – 1999) ▷Audit Partner for various technology clients (1980 – 1988) | Other Professional Experience and Community Involvement •Certified Public Accountant | | Key Experience and Qualifications •Review and preparation of financial statements: Deep accounting and auditing knowledge acquired through many years with a large public accounting firm •Leadership and governance: Decades of board and leadership experience involving multiple industries •Technology and technology risks: Leadership experience with global technology companies | |
>10 years
| | Paul C. Reilly, 69 Chair and Chief Executive Officer | | | | Director Since: 2006 RJF Committees •Capital Planning Committee | Other Public Directorships •Current: Willis Towers Watson Public Limited Company •Former (past 5 years): None |
>10 years
| Career Highlights •Raymond James Financial, Inc. ▷Chair (2017 – present) ▷Chief Executive Officer (2010 – present) ▷President (2009 – 2010) ▷Non-executive Director (2006 – 2009) ▷Chair, Audit Committee (2008 – 2009) •Korn Ferry International, a global organizational consulting firm ▷Executive Chairman (2007 – 2009) ▷Chairman and Chief Executive Officer (2001 – 2007) •Chief Executive Officer, KPMG International, a global network of professional firms providing audit, tax and advisory services (1998 – 2001) •National Managing Partner, Financial Services, KPMG LLP (1995 – 1998) | Other Professional Experience and Community Involvement •Member, Board at Large, Securities Industry and Financial Markets Association (SIFMA) •Member, Board of Directors, American Securities Association •Member, Board of Directors, National Leadership Roundtable •Former Member, The Florida Council of 100 •Former Member, Financial Services Roundtable •Former Director, United Way Suncoast •Cabinet Member and former Chairman, Tampa Heart Walk and Heart Ball for the American Heart Association •Member, The University of Notre Dame Business Advisory Council •Trustee, House of Prayer Foundation | | Key Experience and Qualifications •Strong leader, with prior public company CEO experience: Prior experience as chief executive officer of two complex, global organizations (one of which was a public company) brings a perspective to the Board beyond the financial services industry •Auditing and strategic consulting perspective: Background as a certified public accountant and financial services consultant •Leadership continuity: Previous service on our Board provides continuity with prior senior management | |
>10 years
| 22 | |
>10 years
| | Raj Seshadri, 58 Non-Executive Director | | | | Director Since: 2019 RJF Committees •Risk •Compensation and Talent | Other Public Directorships •Current: None •Former (past 5 years): None |
>10 years
| Career Highlights •Mastercard Incorporated, a global payments and technology company ▷President, Data and Services (2020 - present) ▷President, US Issuers (2016 – 2020) •BlackRock, Inc., a global asset manager ▷Managing Director, Head of iShares Wealth Advisory (2014 – 2015) ▷Managing Director, Global Chief Marketing Officer for iShares (2012 – 2013) •Citigroup, Inc., a global financial institution ▷Managing Director, Head of CitiBusiness for Citibank (2010 – 2012) ▷Managing Director, Global Head of Strategy (2008 – 2009) | Other Professional Experience and Community Involvement •Trustee, Mount Holyoke College (2017 – present) •Member, Global Board, American India Foundation (2019 – present) •Member, Innovation Advisory Council of the Federal Reserve Bank of New York (2021 - 2022) •Member, Management Board, Stanford Graduate School of Business (2017 – 2020) •Adjunct Professor, Columbia University Graduate School of Business (2012 – 2017) •David Rockefeller Fellow (2017 – 2018) | | Key Experience and Qualifications •Financial services and technology leadership: Brings a rare combination of experience from her roles at global brands in marketing, sales, business strategy, asset management, wealth management, payments, software services and business-to-business partnerships | |
>10 years
| 2024 PROXY STATEMENT | 23 |
>10 years
Election of Directors Each director is elected by shareholders at our annual meeting for a term of one (1) year (subject to extension until a successor is duly elected and qualified and subject to such director’s earlier resignation or removal). Under our By-laws, unless the election is contested, each director nominee must receive a majority vote to be elected. A “majority vote” means that the number of votes cast in favor of a nominee exceeds the number of votes cast against the nominee. In a contested election, directors are elected by a plurality of the votes cast. A “plurality" vote means that the nominee who receives more votes than any other nominee is elected. In addition, each director nominee must tender an irrevocable conditional resignation to the company, to be effective only upon (i) the director’s failure to receive the required shareholder vote in an uncontested election, and (ii) Board acceptance of such resignation. If any nominee fails to receive the required vote, the CG&ESG Committee will recommend that the Board accept the resignation unless it determines that the best interests of the company and its shareholders would not be served by doing so. Absent such determination, the Board will accept the resignation no later than 120 days from the certification of the shareholder vote, subject to maintaining compliance with NYSE or SEC rules. The Board will promptly disclose publicly its decision to accept or reject such resignation and the reasons therefor. Director Independence For a director to be considered independent under NYSE rules, the Board must affirmatively determine that the director does not have any “material relationship” with the company, either directly or as a partner, shareholder or officer of an organization that has a relationship with the company. A material relationship can include commercial, industrial, banking, consulting, legal, accounting, charitable and family relationships. The Board has affirmatively determined that the following ten director candidates are independent under NYSE and SEC rules: Marlene Debel, Robert M. Dutkowsky, Jeffrey N. Edwards, Benjamin C. Esty, Art A. Garcia, Anne Gates, Gordon L. Johnson, Raymond W. McDaniel, Jr., Roderick C. McGeary and Raj Seshadri. Each candidate has indicated that he or she would serve if elected. We do not anticipate that any nominee would be unable to stand for election, but if that were to happen, the Board may reduce the size of the Board, designate a substitute nominee or leave a vacancy unfilled. If a substitute is designated, proxies voting on the original director candidate will be cast for the substituted candidate. Director Tenure We believe that non-executive directors (those directors who are not officers or employees of the company) who have longer-term experience with the company have gained a level of familiarity with its operations that enables them to make valuable contributions to Board deliberations. Nevertheless, our Corporate Governance Principles contemplate that directors are normally expected to serve no more than 12 years on the Board. The Board reserves the right, in extraordinary circumstances, to waive this limitation to allow a director—if elected by the shareholders—to serve up to three additional one-year terms. In this connection, the Board has determined that the need for continuity of service of the director who also serves on the boards of Raymond James Bank and TriState Capital Bank, Gordon L. Johnson, constitutes a sufficient basis for waiving the above tenure limitation to permit him to serve a further one-year term.
>10 years
| 24 | |
>10 years
Nominating Process and Succession Planning The CG&ESG Committee reviews the experience and qualifications of all potential nominees to the Board. In considering director candidates, the CG&ESG Committee gathers all information regarding a candidate’s background and qualifications, evaluates his or her mix of skills and qualifications, and determines the contributions that the candidate could be expected to make to the overall functioning of the Board, giving due consideration to the Board’s balance and diversity of perspectives, backgrounds and experiences. The CG&ESG Committee routinely considers diversity as a part of its deliberations, but does not have a formal policy regarding diversity. With respect to current directors, the CG&ESG Committee annually evaluates the individual’s past participation in, and contributions to, the activities of the Board. The CG&ESG Committee recommends director nominees to the Board based on its assessment of overall suitability to serve. Illustrated below is an overview of the process used by the CG&ESG Committee to identify the desired skills and experience of candidates as well as to evaluate potential candidates for the Board.
>10 years
| 1 | Candidate Recommendations | | | | •From search firms, current and former directors, management and shareholders | | | 2 | Corporate Governance and ESG Committee | | | | •Considers skills and the current and future needs of the Board •Screens qualifications and considers diversity •Reviews independence and potential conflicts | •Interviews potential directors •Recommends nominees to the Board | | 3 | Board of Directors | | | | •Evaluates candidates, analyzes independence and other issues, interviews potential directors and selects nominees | | | 4 | Shareholders | | | | •Vote on nominees at Annual Meeting | |
>10 years
| 6 | New Directors Added in the past five years, bringing fresh perspectives to the Board | •Art A. Garcia •Anne Gates •Robert M. Dutkowsky | •Raymond W. McDaniel, Jr. •Raj Seshadri •Marlene Debel |
>10 years
Nominations by Shareholders The CG&ESG Committee will consider candidates recommended for nomination to the Board by shareholders under Florida law and our By-laws. Our By-laws contain advance notice and a number of other requirements applicable to any shareholder nomination, including a description of the information that must be included with any such proposal. The manner in which the committee evaluates candidates recommended by shareholders would be generally the same as for any other candidate. However, the CG&ESG Committee would also consider information concerning any relationship between a shareholder recommending a candidate and the candidate to determine if the candidate can represent the interests of all shareholders. The committee would not evaluate a candidate recommended by a shareholder unless, among the other requirements of our By-laws, the shareholder’s proposal contained all of the information necessary to conduct an evaluation. For information regarding shareholder proposal deadlines, please see below under “Additional Information — Shareholder Proposals for the 2025 Annual Meeting.”
>10 years
| 2024 PROXY STATEMENT | 25 |
>10 years
Role of the Board Raymond James’ business and affairs are managed under the direction of the Board of Directors. The role of the Board is to oversee management of the company in its efforts to enhance shareholder value and conduct the company’s business in accordance with its mission statement. In this vein, the Board’s duties include assisting management with assessing long-range strategies for the company and evaluating management performance. Corporate Governance Principles The Board has adopted Corporate Governance Principles, which are available in the Investor Relations section of the company’s website at www.raymondjames.com (the “company’s website”). This document describes the principles the Board follows with respect to, among other matters, the Board’s:
>10 years
| | | | | Board Composition | Best Practices | Board Effectiveness | | •committees •size and composition | •confidentiality •director compensation •communications with shareholders | •leadership structure •role and duties •annual performance evaluation •director responsibilities •access to officers, employees and advisors |
Reorganization of the Audit and Risk Committee
| In determining non-executive director compensation, the committee considers, among other things, the following principles: •that the compensation should pay fairly for the work, time commitment and effort required from directors of an organization with the size and scope of business activities of the company, including service on committees, •that a component of compensation should be designed to align the directors’ interests with the long-term interests of shareholders, and •that director independence may be impaired if director compensation exceeds customary levels |
Reorganization of the Audit and Risk Committee
| Name | Fees Paid in Cash(1) | | Stock Awards(2) | | Total | | | Marlene Debel | | $127,500 | | $179,941(3) | | $307,441 | | Robert M. Dutkowsky | | $132,500 | | $179,941(3) | | $312,441 | | Jeffrey N. Edwards | | $140,000 | | $179,941(3) | | $319,941 | | Benjamin C. Esty | | $157,753 | | $179,941(3) | | $337,694 | | Art A. Garcia | | $44,495(4) | | $164,940(5) | | $209,435 | | Anne Gates | | $145,000 | | $179,941(3) | | $324,941 | | Gordon L. Johnson | | $262,500(6) | | $249,815(7) | | $512,315 | | Raymond W. McDaniel, Jr. | | $44,495(4) | | $164,940(5) | | $209,435 | | Roderick C. McGeary | | $127,500 | | $179,941(3) | | $307,441 | | Raj Seshadri | | $120,000 | | $179,941(3) | | $299,941 | | Susan N. Story (8) | | $80,000 | | $— | | $80,000 |
Compensation Mix
| Name | Year | Salary | | Bonus(1) | | Stock Awards | (2) | All Other Compensation(3)(4) | Total | | | Paul C. Reilly Chair and CEO | 2023 | | $750,000 | | $9,250,100 | | $24,805,953(5) | $106,903 | | $34,912,956 | | | 2022 | | $687,500 | | $8,506,292 | | $8,399,938 | $32,764 | | $17,626,494 | | | 2021 | | $500,000 | | $7,100,062 | | $5,930,786 | $125,361 | | $13,656,209 | | Paul M. Shoukry Chief Financial Officer | 2023 | | $500,000 | | $3,300,058 | | $2,799,788(6) | $69,754 | | $6,669,600 | | | 2022 | | $450,000 | | $3,100,211 | | $1,949,871 | $26,953 | | $5,527,035 | | | 2021 | | $300,000 | | $2,750,129 | | $693,455 | $75,229 | | $3,818,813 | | James E. Bunn President, Global Equities and Investment Banking | 2023 | | $500,000 | | $1,700,097 | | $3,899,832(7) | $202,306 | | $6,302,235 | | | 2022 | | $450,000 | | $4,200,168 | | $4,999,857 | ($119,987) | | $9,530,038 | | | 2021 | | $300,000 | | $4,700,143 | | $1,348,456 | $242,365 | | $6,590,964 | | Scott A. Curtis President, Private Client Group | 2023 | | $500,000 | | $3,100,084 | | $6,649,884(8) | $142,364 | | $10,392,332 | | | 2022 | | $450,000 | | $2,950,116 | | $1,199,920 | $18,109 | | $4,618,145 | | Tashtego S. Elwyn President and Chief Executive Officer Raymond James & Associates | 2023 | | $500,000 | | $2,950,105 | | $6,524,826(9) | $252,957 | | $10,227,888 | | | 2022 | | $450,000 | | $2,825,174 | | $1,174,856 | $170,512 | | $4,620,542 |
Awards Granted in Fiscal Year 2023
| Benefit and Payments Upon Termination | Voluntary Termination without Good Reason ($) | Termination by Executive for Good Reason or Involuntary Termination by the Company without Cause ($) | Involuntary Termination for Cause ($) | Retirement ($) | Death or Disability ($) | Change in Control ($) | Qualified Termination Following Change in Control ($) | | Salary Continuation | — | — | — | — | — | — | — | | Annual Cash Bonus | — | — | — | — | — | — | — | | Severance Payment | — | — | — | — | — | — | — | | Share Awards | $28,532,364 | $42,192,451 | — | $28,532,364 | $42,192,451 | — | $42,192,451 | | Stock Options | — | — | — | — | — | — | — | | Welfare Benefits | — | — | — | — | — | — | — |
Awards Granted in Fiscal Year 2023
| Benefit and Payments Upon Termination | Voluntary Termination without Good Reason ($) | Termination by Executive for Good Reason or Involuntary Termination by the Company without Cause ($) | Involuntary Termination for Cause ($) | Retirement ($) | Death or Disability ($) | Change in Control ($) | Qualified Termination Following Change in Control ($) | | Salary Continuation | — | — | — | — | — | — | — | | Annual Cash Bonus | — | — | — | — | — | — | — | | Severance Payment | — | — | — | — | — | — | — | | Share Awards | — | $2,340,622 | — | — | $6,287,119 | — | $6,287,119 | | Stock Options | — | — | — | — | — | — | — | | Welfare Benefits | — | — | — | — | — | — | — |
Awards Granted in Fiscal Year 2023
| Benefit and Payments Upon Termination | Voluntary Termination without Good Reason ($) | Termination by Executive for Good Reason or Involuntary Termination by the Company without Cause ($) | Involuntary Termination for Cause ($) | Retirement ($) | Death or Disability ($) | Change in Control ($) | Qualified Termination Following Change in Control ($) | | Salary Continuation | — | — | — | — | — | — | — | | Annual Cash Bonus | — | — | — | — | — | — | — | | Severance Payment | — | — | — | — | — | — | — | | Share Awards | — | $6,452,828 | — | — | $11,442,793 | — | $11,442,793 | | Stock Options | — | — | — | — | — | — | — | | Welfare Benefits | — | — | — | — | — | — | — |
Awards Granted in Fiscal Year 2023
| Benefit and Payments Upon Termination | Voluntary Termination without Good Reason ($) | Termination by Executive for Good Reason or Involuntary Termination by the Company without Cause ($) | Involuntary Termination for Cause ($) | Retirement ($) | Death or Disability ($) | Change in Control ($) | Qualified Termination Following Change in Control ($) | | Salary Continuation | — | — | — | — | — | — | — | | Annual Cash Bonus | — | — | — | — | — | — | — | | Severance Payment | — | — | — | — | — | — | — | | Share Awards | $4,585,232 | $9,138,628 | — | $4,585,232 | $9,138,628 | — | $9,138,628 | | Stock Options | — | — | — | — | — | — | — | | Welfare Benefits | — | — | — | — | — | — | — |
Awards Granted in Fiscal Year 2023
| Benefit and Payments Upon Termination | Voluntary Termination without Good Reason ($) | Termination by Executive for Good Reason or Involuntary Termination by the Company without Cause ($) | Involuntary Termination for Cause ($) | Retirement ($) | Death or Disability ($) | Change in Control ($) | Qualified Termination Following Change in Control ($) | | Salary Continuation | — | — | — | — | — | — | — | | Annual Cash Bonus | — | — | — | — | — | — | — | | Severance Payment | — | — | — | — | — | — | — | | Share Awards | — | $6,550,647 | — | — | $8,936,964 | — | $8,936,964 | | Stock Options | — | — | — | — | — | — | — | | Welfare Benefits | — | — | — | — | — | — | — |
Awards Granted in Fiscal Year 2023
| Fiscal Year | Summary Compensation Table Total for PEO(1) | Compensation Actually Paid to PEO(1)(2) | Average Summary Compensation Table Total for non-PEO NEOs(1) | Average Compensation Actually Paid to non-PEO NEOs(1)(2) | Value of Initial Fixed $100 Investment Based On: | | Net Income Available to Common Shareholders ($ millions) | Company-Selected Metric: Pre-Tax Income ($ millions)(4) | | | | | | | Total Shareholder Return | Peer Group Total Shareholder Return(3) | | | | (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | | 2023 | $34,912,956 | $39,837,679 | $8,397,928 | $8,689,563 | $216.24 | $153.55 | $1,739 | $2,280 | | 2022 | $17,626,494 | $24,783,921 | $6,073,940 | $7,110,695 | $209.25 | $145.26 | $1,509 | $2,022 | | 2021 | $13,656,209 | $33,838,591 | $4,865,740 | $7,591,527 | $192.74 | $165.02 | $1,403 | $1,791 |