DEF 14A of Jones Lang Lasalle Inc, Apr 12, 2024

DEF 14A of Jones Lang Lasalle Inc

Filed Apr 12, 2024 · FY20230001308179-24-000512

Open on EDGAR

  1. Our 2024 Director nominees

    Our 2024 Director nominees Our current Board includes a diverse group of leaders in their respective fields. We believe their varied backgrounds, skills and experience contribute to an effective and well-balanced Board that is able to provide valuable insight to, and effective oversight of, our senior executive team. All the nominees are currently serving on the Board, except Susan Gore, who will be standing for election for the first time. Ann Marie Petach, who is a current Director, is stepping down as a Director when her term ends at the 2024 Annual Meeting. With these changes, our Board of Directors will continue to include 12 members, assuming all nominees are elected at the 2024 Annual Meeting. Proxies cannot be voted for a greater number of directors than the 12 nominees identified in this Proxy Statement. The following table and the charts below provide summary information about each of our Director nominees. You can find more information about each Director’s background and experience beginning on page 17.

  2. Our 2024 Director nominees

    | Name | Age | Director Since | Position | Independent | Audit and Risk | Compensation | Nominating, Governance and Sustainability | | Hugo Bagué | 63 | 2011 | Former Group Executive, Organisational Resources, Rio Tinto plc | Yes | | | | | Matthew Carter, Jr. | 63 | 2018 | Chief Executive Officer of Intrado Life & Safety, Inc. | Yes | | | | | Susan Gore | 61 | First-time nominee | Former Managing Partner, Global Technology and Information Security, PwC | Yes | | | | | Tina Ju | 59 | 2021 | Founding and managing partner of KPCB China and TDF Capital | Yes | | | | | Bridget Macaskill | 75 | 2016 | Chairman of Cambridge Associates LLC and Former Non-Executive Chairman and Chief Executive Officer, First Eagle Holdings, Inc. | Yes | | | | | Deborah H. McAneny | 65 | 2019 | Former Executive Vice President, Structured and Alternative Investments, John Hancock Financial Services, Inc. | Yes | | | | | Siddharth (Bobby) Mehta | 65 | 2019 | Chairman of the Board, Former President and CEO, TransUnion | Yes | | | | | Moses Ojeisekhoba | 57 | 2022 | CEO, Global Clients & Solutions, Swiss Re | Yes | | | | | Jeetendra (Jeetu) I. Patel | 52 | 2019 | Executive Vice President & General Manager, Cisco Systems, Inc. | Yes | | | | | Larry Quinlan | 61 | 2022 | Former Global Chief Information Officer, Deloitte | Yes | | | | | Efrain Rivera | 67 | 2021 | Senior Advisor to CEO and former Chief Financial Officer, Paychex, Inc. | Yes | | | | | Christian Ulbrich | 57 | 2016 | Chief Executive Officer and President, JLL | No | | | |

  3. Our 2024 Director nominees

    | Chair Member |

  4. Our 2024 Director nominees

    | 11 of 12 | 4 of 12 | 7 of 12 | 7 of 12 | 3 of 3 | 5 of 12 | 5.1 | | nominees are independent | nominees are women | nominees are ethnically or racially diverse | nominees were born or live outside the United States | committees are chaired by women or ethnically or racially diverse Board members | nominees joined in last 3 years | years average tenure of nominees |

  5. Our 2024 Director nominees

    | 2024 Proxy Statement | 11 |

  6. Proposal 1 - Election of Directors

    Proposal 1 - Election of Directors Our Board is presenting 12 nominees for election as Directors at our 2024 Annual Meeting. Susan Gore is a first-time nominee as Director at the 2024 Annual Meeting. Ann Marie Petach, who is a current Director, is stepping down as a Director when her term ends at the 2024 Annual Meeting. Each Director elected will serve until the next annual meeting and until a successor is duly elected and qualified. Each nominee has consented to being named in this Proxy Statement and to serving as a Director, if elected.

  7. How we select Directors

    How we select Directors

  8. Identifying and evaluating Director nominees

    Identifying and evaluating Director nominees The Nominating, Governance and Sustainability Committee employs a variety of methods to identify and evaluate Director nominees. Candidates may come to the attention of the Nominating, Governance and Sustainability Committee through Board members, JLL executives, shareholders, professional search firms or other sources. Ms. Gore was identified by Egon Zehnder, a leading independent director-recruitment firm, retained by the Nominating, Governance and Sustainability Committee to identify and help evaluate Director candidates who have extensive experience and qualifications in key strategic and priority areas. The Nominating, Governance and Sustainability Committee regularly assesses the size of the Board and determines whether any vacancies are expected due to departures.

  9. Our 2024 Director nominees

    Our 2024 Director nominees A biography of each Director nominee, current as of March 28, 2024, appears below.

  10. Our 2024 Director nominees

    | | Hugo Bagué Age: 63 Director since 2011 Committees: Compensation Nominating, Governance and Sustainability |

  11. Professional, Leadership and Service Experience

    Professional, Leadership and Service Experience Mr. Bagué is currently the Executive Director of Milvusmilvus Consulting GmbH, a consultancy company that he owns and runs, and has been on the Advisory Board of Hitachi Zosen Inova, a global cleantech company operating in energy from waste (EfW) and renewable gas, since December 2022. From 2007 until 2017, Mr. Bagué was Organisational Resources Group Executive for Rio Tinto plc, a leading international mining and metals group.

  12. Skills and Attributes

    Skills and Attributes Mr. Bagué brings significant experience with employee relations, communications, safety, information technology and compensation issues, as well as perspectives on public relations, procurement, information systems and corporate sustainability to the JLL Board. His work for other multi-national companies provides insights into operating within different cultures, business environments and legal systems, including both Continental Europe and emerging markets, and also within the technology and healthcare industries, both of which are important to JLL’s future growth strategy.

  13. Skills and Attributes

    | | Matthew Carter, Jr. Age: 63 Director since November 2018 Committees: Compensation Nominating, Governance and Sustainability (Chair) |

  14. Professional, Leadership and Service Experience

    Professional, Leadership and Service Experience Mr. Carter is the Chief Executive Officer of Intrado Life & Safety, Inc., a leading provider of emergency response solutions for the Public Safety community. From 2018 to 2023, Mr. Carter was Chief Executive Officer of Aryaka Networks, Inc., a leading provider of cloud and on-premises network applications. From 2015 to 2017, he served as President and Chief Executive Officer of Inteliquent, Inc., which provides wholesale voice services for carriers and service providers. Prior to that role, Mr. Carter held various positions at Sprint Corporation from 2006 to 2015, including President of Enterprise Solutions, Sprint’s $14 billion global communications technology business unit. He previously served as a director of Apollo Education Group, Inc., a provider of higher education programs, and USG Corporation, a global manufacturer of industrial products.

  15. Skills and Attributes

    Skills and Attributes Mr. Carter brings significant corporate leadership, brand management and technology experience to the JLL Board, drawing from his executive roles at several large companies. His service on other boards enhances our capabilities in the areas of management oversight, corporate governance and board dynamics.

  16. Other Public Company Boards

    Other Public Company Boards Current: NRG Energy, Inc., an integrated power company (since 2018).

  17. Other Public Company Boards

    | | Audit and Risk | | Compensation | | Nominating, Governance and Sustainability | | Chair |

  18. Other Public Company Boards

    | 2024 Proxy Statement | 18 |

  19. Other Public Company Boards

    | | Susan M. Gore Age: 61 First-time Director Nominee Committees: Audit Nominating, Governance and Sustainability |

  20. Other Public Company Boards

    Ms. Gore held various leadership roles at PriceWaterhouseCoopers LLP (PwC) over 33 years, including most recently as the Managing Partner of PwC’s Global Technology and Information Security organization from 2016 until her retirement in 2022. Ms. Gore served as the Global Assurance Chief Operations Officer from 2011 to 2016 and the US Assurance Transformation Leader from 2006 to 2011. Prior to these roles, Ms. Gore was an Assurance partner providing professional accounting services to clients ranging from high growth startups to large multi-nationals. From 2001 to 2006, Ms. Gore was the Chief Financial Officer of a late-stage venture backed software company and a Portfolio Advisor for a Silicon Valley Venture Capital firm. Ms. Gore holds a bachelor’s of business administration in accounting from Texas Christian University.

  21. Skills and Attributes

    Skills and Attributes Ms. Gore brings a deep understanding of technology and security services to the JLL Board, as well as experience in executing digital transformation initiatives. Ms. Gore also brings significant expertise in finance, human capital, and operational planning, as well as considerable prior experience advising boards of directors and board committees, providing valuable insights and guidance on audit effectiveness and efficiencies.

  22. Skills and Attributes

    | | Tina Ju Age: 59 Director since 2021 Committees: Audit and Risk Nominating, Governance and Sustainability |

  23. Professional, Leadership and Service Experience

    Professional, Leadership and Service Experience Ms. Ju is a founding and managing partner of KPCB China and TDF Capital. She has more than 30 years of experience in venture capital, investment banking and operations. Ms. Ju began her venture capital career in 1999 and has led several noteworthy investments, including Alibaba, Baidu and Focus Media. She co-founded VTDF China in 2000 and KPCB China in 2007. Earlier in her career, Ms. Ju spent 10 years in investment banking including Deutsche Bank as the head of TMT and Transport Asia, Merrill Lynch as head of Asia Technology and Corporate Finance Team, and Goldman Sachs. Ms. Ju currently serves as a director on the board of various private companies. She is a member of the Global Leadership Council for Oxford Saïd Business School. Ms. Ju received a bachelor’s degree in industrial engineering and operations research from UC Berkeley and an MBA from Harvard Business School.

  24. Skills and Attributes

    Skills and Attributes Ms. Ju brings her extensive experience in venture capital, investment banking and operations to the JLL Board. Ms. Ju’s abilities to identify, engage and support some of China’s most accomplished entrepreneurs and successful enterprises are invaluable as we continue our focus on the future growth potential in Asia, and particularly China.

  25. Other Public Company Boards

    Other Public Company Boards Current: Yiren Digital Ltd., a leading personal financial services platform in China, providing consumers with both credit and wealth management services (since 2015).

  26. Other Public Company Boards

    | | Audit and Risk | | Compensation | | Nominating, Governance and Sustainability | | Chair |

  27. Other Public Company Boards

    | 2024 Proxy Statement | 19 |

  28. Other Public Company Boards

    | | Bridget Macaskill Age: 75 Director since 2016 Committees: Compensation Nominating, Governance and Sustainability |

  29. Other Public Company Boards

    Ms. Macaskill currently serves as Chairman of Cambridge Associates LLC, a global investment firm. Until July 2019, she was the Non-Executive Chairman and, prior to that, the President and Chief Executive Officer, of First Eagle Holdings, Inc., a global investment firm, which she joined in 2009. Prior to joining First Eagle, Ms. Macaskill served as Chief Operating Officer, President, Chief Executive Officer and Chairman of Oppenheimer Funds, Inc., where she is recognized for creating the Oppenheimer Funds’ Women & Investing program, dedicated to educating American women about the need to take charge of their personal finances. Ms. Macaskill has served on a number of public company and not-for-profit boards. She served on the board of Close Brothers plc, a merchant banking firm, until November 2022, and on the board of Jupiter Fund Management plc until May 2020.

  30. Skills and Attributes

    Skills and Attributes Ms. Macaskill brings her experience in investment management, finance, accounting, shareholder relations, leadership, enterprise risk management, compliance and operations within a highly regulated industry to the JLL Board. Ms. Macaskill also brings experience in corporate social responsibility and diversity. Additionally, Ms. Macaskill brings perspectives on the British government and economy.

  31. Skills and Attributes

    | | Deborah H. McAneny Age: 65 Director since 2019 Committees: Compensation (Chair) Nominating, Governance and Sustainability |

  32. Professional, Leadership and Service Experience

    Professional, Leadership and Service Experience Ms. McAneny served in various roles at John Hancock Financial Services for over 20 years, including most recently as Executive Vice President for Structured and Alternative Investments. Following that, she was the Chief Operating Officer of Benchmark Assisted Living, LLC from 2006 to 2009. Ms. McAneny served on the board of directors of HFF, Inc., a leading capital markets advisor, from 2007 until July 2019 when the company was acquired by JLL. She is the chair of the board of the University of Vermont Foundation and formerly served as trustee and chair of the board of the University of Vermont.

  33. Skills and Attributes

    Skills and Attributes Ms. McAneny brings her extensive board experience, senior management expertise and significant familiarity with our business and industry to the JLL Board, as well as particular knowledge of the Capital Markets business.

  34. Other Public Company Boards

    Other Public Company Boards Current: KKR Real Estate Finance Trust, a real estate finance company (since 2017) and RREEF Property Trust, Inc., a non-traded REIT (since 2012). Prior within last five years: HFF, Inc. (2007–2019) and First Eagle Alternative Capital BDC, Inc. (f/k/a THL Credit Inc.) (2015-2023).

  35. Other Public Company Boards

    | | Audit and Risk | | Compensation | | Nominating, Governance and Sustainability | | Chair |

  36. Other Public Company Boards

    | 2024 Proxy Statement | 20 |

  37. Other Public Company Boards

    | | Siddharth (Bobby) Mehta Age: 65 Director since 2019 Chairman of the Board since July 2020 Committees: Audit and Risk Nominating, Governance and Sustainability Compensation |

  38. Other Public Company Boards

    Mr. Mehta was the former President and Chief Executive Officer of TransUnion, a global provider of credit information and risk management solutions, from 2007 to 2012. From 1998 to 2007, Mr. Mehta held a variety of positions with HSBC Finance Corporation and HSBC North America Holdings, including Chief Executive Officer of HSBC North America Holdings and Chief Executive Officer of HSBC Finance Corporation. Prior to that, he was Senior Vice-President at The Boston Consulting Group and led their North American Financial Services Practice. Mr. Mehta also serves on several not-for-profit boards, including the Field Museum and the Chicago Public Education Fund.

  39. Skills and Attributes

    Skills and Attributes Mr. Mehta brings chief executive and senior management expertise in the financial services industry to the JLL Board, including in banking and the credit markets. He enhances our marketing, brand management, technology and strategic experience.

  40. Other Public Company Boards

    Other Public Company Boards Current: The Allstate Corporation (since 2014) and Northern Trust Corporation (since 2019). Prior within last five years: TransUnion (2013-2021) and Piramal Enterprises Ltd., a global business conglomerate (2013-2020).

  41. Other Public Company Boards

    | | Moses Ojeisekhoba Age: 57 Director since 2022 Committees: Compensation Nominating, Governance and Sustainability |

  42. Professional, Leadership and Service Experience

    Professional, Leadership and Service Experience Mr. Ojeisekhoba has more than 20 years of senior leadership experience in the financial services industry. From July 2016 until April 2023, he served as the Chief Executive Officer Reinsurance for Swiss Re, where he was responsible for the company’s Reinsurance Business Unit, covering both property and casualty, as well as life and health, overseeing the company’s reinsurance strategy and operations in more than 20 countries and providing his knowledge and expertise to clients throughout the world. As of April 2023, Mr. Ojeisekhoba assumed leadership of Swiss Re’s newly formed Global Clients & Solutions Business Unit, which contains the client management teams servicing Swiss Re’s global reinsurance clients, Public Sector Solutions, iptiQ and Reinsurance Solutions. Mr. Ojeisekhoba serves as a member of Swiss Re’s Group Executive Committee. He is a frequent speaker on the topics of leadership, risk knowledge, digitalization, geopolitical trends and diversity. Mr. Ojeisekhoba holds a Bachelor of Science degree in Statistics from the University of Ibadan, Nigeria, and a master’s degree in Management from London Business School.

  43. Skills and Attributes

    Skills and Attributes Mr. Ojeisekhoba brings chief executive and senior management expertise in the financial services industry to the JLL Board, with a particular focus on client management, risk management and commercializing risk knowledge. His global client experience and perspective enhances our understanding of operational challenges in key markets throughout the world.

  44. Skills and Attributes

    | | Audit and Risk | | Compensation | | Nominating, Governance and Sustainability | | Chair |

  45. Skills and Attributes

    | 2024 Proxy Statement | 21 |

  46. Skills and Attributes

    | | Jeetendra (Jeetu) I. Patel Age: 52 Director since 2019 Committees: Audit and Risk Nominating, Governance and Sustainability |

  47. Skills and Attributes

    Mr. Patel is Executive Vice President & General Manager, Security and Collaboration, of Cisco Systems, Inc., where he joined in June 2020. From 2017 to 2020, he was the Chief Product Officer and Chief Strategy Officer at Box, Inc., a leading enterprise cloud content management platform. From 2015 to 2017, Mr. Patel was the Chief Strategy Officer and SVP of Platform at Box, Inc., where he led the creation of the Box Platform business unit, overseeing product strategy, marketing and developer relations. Before joining Box, Inc., from 2010 to 2015, Mr. Patel was General Manager and Chief Executive of the Syncplicity business unit of EMC Corporation, a developer and seller of data storage and data management hardware and software.

  48. Skills and Attributes

    Skills and Attributes Mr. Patel brings chief executive and senior management expertise, together with product and engineering management skills, marketing, brand management, strategic and strong technology experience to the JLL Board. Moreover, he brings decades of expertise accelerating fast-growing, established and start up business models in highly competitive markets.

  49. Other Public Company Boards

    Other Public Company Boards Current: Equinix, a digital infrastructure company (since 2022).

  50. Other Public Company Boards

    | | Larry Quinlan Age: 61 Director Since 2022 Committees: Audit and Risk (Chair) Nominating, Governance and Sustainability |

  51. Professional, Leadership and Service Experience

    Professional, Leadership and Service Experience Mr. Quinlan was the Global Chief Information Officer of Deloitte, LLP, a professional services firm, where he was responsible for all facets of Deloitte’s technology strategy and operations and oversaw more than 10,000 IT professionals in 175 countries. Mr. Quinlan spent 33 years at Deloitte (1988-2021), where he led Deloitte’s global implementations of ERP & CRM systems, including some of the world’s largest SAP and Salesforce platforms leveraging data analytics, cloud hosting and collaboration technologies from AWS, Microsoft, Google, Oracle and ServiceNow. In addition to his CIO role (2010-2021), Mr. Quinlan drove significant revenue leading Deloitte services to Fortune 500 global clients in the hospitality and technology sectors and advised company boards and CEOs on a wide range of IT, cybersecurity and digital strategic priorities. Mr. Quinlan serves on the non-profit boards of the United Way of Miami and the Adrienne Arsht Performing Arts Center. He also is passionate about improving opportunities in underserved communities. Together with other CIOs, Mr. Quinlan founded The TechPACT, an organization committed to bridging the digital divide.

  52. Skills and Attributes

    Skills and Attributes Mr. Quinlan brings deep expertise across every facet of the digital and technology transformation journey to the JLL Board. Mr. Quinlan’s extensive leadership experience in digital and technology strategy and operations, and cybersecurity, are invaluable as we continue to grow our technology focused JLL Technologies business and support our clients’ technological business needs.

  53. Other Public Company Boards

    Other Public Company Boards Current: Current: ServiceNow (NYSE:NOW), a leading cloud digital workflow company (since 2021), and Booking Holdings (NASDAQ:BKNG), a leading provider of online travel and related services (since 2022).

  54. Other Public Company Boards

    | | Audit and Risk | | Compensation | | Nominating, Governance and Sustainability | | Chair |

  55. Other Public Company Boards

    | 2024 Proxy Statement | 22 |

  56. Other Public Company Boards

    | | Efrain Rivera Age: 67 Director since 2021 Committees: Audit and Risk Nominating, Governance and Sustainability |

  57. Other Public Company Boards

    Mr. Rivera is currently Senior Advisor to the Chief Executive Officer of Paychex, Inc., a leading provider of integrated human capital management solutions. Previously, Mr. Rivera held the position of Senior Vice President and Chief Financial Officer of Paychex, Inc. Prior to that, Mr. Rivera worked for Bausch & Lomb, a global eye health company, where he held senior management positions, including Chief Financial Officer. Mr. Rivera has also served in higher education administration and in the Civil Division of the U.S. Department of Justice. Mr. Rivera is a Certified Management Accountant (CMA) and Certified in Financial Management (CFM).

  58. Skills and Attributes

    Skills and Attributes Mr. Rivera brings significant global experience in finance and operations to the JLL Board, drawing from his executive roles at large multinational companies. His prior finance and management experience enhances our Board’s oversight of strategic development activities, evaluation of M&A opportunities and succession planning.

  59. Skills and Attributes

    | | Christian Ulbrich Age: 57 Director since 2016 Committees: None |

  60. Non-employee Director compensation

    Non-employee Director compensation

  61. How we determine Director compensation

    How we determine Director compensation Our Compensation Committee is responsible for determining and recommending to the Board the overall compensation program for our non-employee Directors. We did not make any adjustments to our non-employee Director compensation program in 2023. We use a combination of cash and stock to provide compensation to our non-employee Directors that is:

  62. How we determine Director compensation

    | • | Aligned with the interests of our shareholders, in part by emphasizing equity compensation over cash; | | • | Sufficient to attract and retain the highest caliber individuals who meet the established criteria for Board membership; | | • | Reflective of the demands placed on Board and committee members by a complex and geographically dispersed, global organization operating in highly competitive and dynamic markets; and | | • | Competitive based on compensation paid to directors at other firms under broadly similar circumstances. |

  63. How we determine Director compensation

    With the assistance of its external compensation consultant, the Compensation Committee gathers data on board compensation for the same companies in the peer groups that the Committee uses as comparisons for executive compensation. (For more information on the compensation peer groups, see “How we make compensation decisions,” which begins on page 44.) The Compensation Committee believes it is appropriate to use the same peer groups for both executive and board compensation. When reviewing these studies and data, the Compensation Committee seeks information regarding:

  64. How we determine Director compensation

    | • | total mix of compensation; | | • | board retainers and meeting fees; | | • | compensation for serving on and for chairing committees; | | • | equity ownership guidelines; | | • | equity vehicles used and vesting schedules; and | | • | compensation for Non-Executive Chairman. |

  65. How we determine Director compensation

    Based upon internal guidelines, and with the objective of bringing compensation generally in line with the median compensation offered at peer companies, the Compensation Committee then seeks to make any adjustment to the overall compensation program deemed necessary to satisfy the above criteria approximately every other year. In consideration of emerging corporate governance best practices, our Board has established a limit on the amount of equity and cash compensation that can be paid to a non-employee Director in a single year. The compensation limits, as described more fully in our Stock Award and Incentive Plans, provide that the total annual compensation for any fiscal year for non-employee Directors will be limited to $750,000, including the value of both the annual cash retainer(s) and the grant date fair value of the annual equity award. The Board believes this is a meaningful limit.

  66. How we determine Director compensation

    | 2024 Proxy Statement | 34 |

  67. Director compensation amounts for 2023

    Director compensation amounts for 2023 During 2023, the compensation for our non-employee Directors consisted of three components as set forth below:

  68. Director compensation amounts for 2023

    | Annual cash retainer | • Each Director — $100,000 • Chairman of the Board — additional $60,000 Paid in quarterly installments | | Annual grant of JLL stock | • Each Director — Annual grant of JLL common stock valued at $185,000 • Chairman of the Board — additional annual grant of common stock valued at $110,000 Paid annually after the annual shareholders meeting | | Annual cash retainer for Committee Chair or Member | • Audit and Risk Committee Chair — $25,000 • Compensation Committee Chair — $25,000 • Nominating, Governance and Sustainability Committee Chair — $15,000 • Audit and Risk Committee member (other than chair) — $10,000 • Compensation Committee member (other than chair) — $10,000 • Nominating, Governance and Sustainability Committee member (other than chair) — $5,000 Paid annually in third quarter |

  69. Director compensation amounts for 2023

    As referenced above, the Chairman of the Board receives an additional annual retainer in consideration of undertaking the responsibilities and time commitments associated with that position. To determine that compensation, the Compensation Committee meets in executive session, without the Chairman being present. In 2023, the Committee made no change to the Chairman’s compensation. The Committee determined that the Chairman’s compensation is consistent with the relevant peer group, and as it is more equity-oriented, it is aligned with shareholder interests. We do not pay meeting fees, but JLL reimburses all Directors for reasonable travel, lodging and related expenses incurred in attending meetings. We do not provide perquisites to our non-employee Directors. Directors who are also officers or employees of JLL do not receive any additional compensation for serving on the Board. Non-employee Directors may elect to receive any or all of their cash retainers as JLL common stock, with the number of shares determined on a quarterly basis based on the closing price of our common stock on the last trading day of the immediately preceding quarter. Non-employee Directors who are subject to U.S. income tax also may participate in the Deferred Compensation Plan that we have established for certain U.S.-based employees. The Deferred Compensation Plan is a nonqualified deferred compensation program that enables eligible participants to voluntarily defer up to 100% of their cash retainers, common stock grants, and restricted stock unit grants upon vesting.

  70. Director compensation amounts for 2023

    | 2024 Proxy Statement | 35 |

  71. Non-Employee Director compensation for 2023

    Non-Employee Director compensation for 2023 The following table provides information about the compensation paid to our current Non-Employee Directors for their services during 2023. Mr. Ulbrich does not receive compensation for his service on the Board.

  72. Non-Employee Director compensation for 2023

    | Name | Fees Earned or Paid in Cash(1) | Stock Awards(2) | Option Awards | Non-Equity Incentive Plan Compensation | Change in Pension Value and Nonqualified Deferred Compensation Earnings | All Other Compensation | Total (2023) | | Hugo Bagué | $108,750(3) | $185,000 | — | — | — | — | $293,750 | | Matthew Carter, Jr. | $125,000 | $185,000 | — | — | — | — | $310,000 | | Samuel A. Di Piazza, Jr.(4) | $50,000 | $0 | — | — | — | — | $50,000 | | Tina Ju | $115,000 | $185,000 | — | — | — | — | $300,000 | | Bridget A. Macaskill | $115,000 | $185,000 | — | — | — | — | $300,000 | | Deborah H. McAneny | $136,250 | $185,000 | — | — | — | — | $321,250 | | Siddharth (Bobby) Mehta | $185,000 | $295,000 | — | — | — | — | $480,000 | | Moses Ojeisekhoba | $115,000 | $185,000 | — | — | — | — | $300,000 | | Jeetendra (Jeetu) I. Patel | $115,000 | $185,000 | — | — | — | — | $300,000 | | Ann Marie Petach | $121,250 | $185,000 | — | — | — | — | $306,250 | | Larry Quinlan | $123,750 | $185,000 | — | — | — | — | $308,750 | | Efrain Rivera | $115,000 | $185,000 | — | — | — | — | $300,000 |

  73. Non-Employee Director compensation for 2023

    | (1) The amounts in this column reflect the aggregate cash fees that each Director earned during 2023, as his or her retainer for Board membership and all Chair and Committee retainers, to the extent applicable. We do not pay fees for attendance at individual meetings. | | (2) The stock awards in this column reflect the annual $185,000 in common stock we granted to each Director. Mr. Mehta received an additional equity award of JLL common stock for the Chairman of the Board equal to $110,000. The amount of shares issued was rounded to the nearest whole share. The amounts we report in this column reflect the grant date fair values of the stock awards we made to our non-employee Directors during 2023 in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification Topic 718, Compensation — Stock Compensation. The aggregate number of stock awards outstanding at December 31, 2023, held by non-employee Directors consisted of the following restricted stock units: Mr. Bagué — 375; Mr. Carter — 375; Mr. Di Piazza — 0; Ms. Ju — 375; Ms. Macaskill — 375; Ms. McAneny — 375 Mr. Mehta — 375; Mr. Ojeisekhoba — 0; Mr. Patel — 375; Ms. Petach — 375; Mr. Quinlan — 0; and Mr. Rivera — 0. | | (3) Mr. Bagué’s cash fee was reduced by $6,250 in 2023 as an adjustment reflecting the early end of his term as Compensation Committee Chair in January 2023 for which he had previously been paid in advance through May 2023. | | (4) Mr. Di Piazza did not stand for reelection to the Board at the 2023 Annual Meeting. His compensation in 2023 reflects non-employee Director compensation earned for the period of time during which he served on the Board in 2023. |

  74. Non-Employee Director compensation for 2023

    | 2024 Proxy Statement | 36 |

  75. Members of JLL Global Executive Board

    Members of JLL Global Executive Board Laura Adams, 55, has been our Chief Human Resources Officer (CHRO) since July 2022. Previously, Ms. Adams served as the Global HR Lead for JLL’s Markets Advisory, Capital Markets and Work Dynamics segments. Ms. Adams joined JLL in 2005 following senior HR roles with Washington Mutual Bank and Diamond Technology Partners. She has extensive experience in aligning people programs to business strategy and driving large-scale complex change, and is a passionate advocate of diversity, equity and inclusion. Richard W. Bloxam, 52, has been our Chief Executive Officer, Capital Markets since 2017, and he has additional oversight for Valuation Advisory and Research. Mr. Bloxam was formerly the head of Capital Markets for JLL in EMEA for six years, and before that he served in various positions of increasing responsibility for JLL’s Capital Markets business in EMEA. Karen Brennan, 46, has been our Chief Financial Officer (CFO) since 2020. Previously, Ms. Brennan spent more than 20 years with LaSalle, most recently as Chief Executive Officer of LaSalle’s operations in Europe based in the United Kingdom, and prior to that she held positions of increasing responsibility in real estate investment management in the United States, Singapore and Hong Kong. Yishai Lerner, 49, has been Co-CEO of JLL Technologies, our technology business, since 2019 and Co-CEO of Spark, our Proptech venture fund, since 2017. Mr. Lerner, along with Mr. Shah, co-founded Mob.ly, which built several category-leading location-based mobile applications, where he was CTO until Mob.ly was sold to Groupon in 2010. At Groupon, where he stayed until 2013, Mr. Lerner became acting global engineering SVP and CTO. Previously, he was also the first employee at numerous mobile startups after an early career building artificial intelligence for video games at Activision Studios. Mr. Lerner has angel invested and advised many startups including Uber and Boom Supersonic since 2009. Neil Murray, 49, has been Chief Executive Officer for our Work Dynamics (previously referred to as Corporate Solutions) business and Chairman of our Global Work Dynamics Board since 2019. He joined JLL as EMEA CEO, Corporate Solutions in 2017. Before joining JLL, Mr. Murray was CEO of Corporate Services and Region Chair for the UK and Ireland for Sodexo, Inc., where he served in various positions of increasing responsibility from 2009. Andy Poppink, 50, is Chief Executive Officer, Markets Advisory. Prior to assuming that role in July 2023, Mr. Poppink was the Chief Executive Officer of our EMEA Markets Advisory business segment beginning in January 2021, after serving as the leader of JLL’s US western region, overseeing Northern California, Pacific Northwest, Southwest and Rocky Mountain regions. Mihir Shah, 49, has been Co-CEO of JLL Technologies, our technology business, since 2019 and Co-CEO of Spark, our Proptech venture fund, since 2017. Mr. Shah, along with Mr. Lerner, co-founded Mob.ly, which built several category-leading location-based mobile applications, where he was CEO until Mob.ly was sold to Groupon in 2010. Mr. Shah was a senior executive at Groupon, where he stayed until 2014. Previously, he was also a product leader at Yahoo!, as well as an early employee at several startups. Mr. Shah has angel invested and advised many startups including Uber and Boom Supersonic since 2009.

  76. Summary of executive compensation practices

    | What we do | | What we don’t do | | | | Align pay for performance | | No personal perquisites of any significance | | | Build in flexibility to address the financial results of an inherently cyclical business | | No excise tax gross-ups upon change in control | | | Maintain a mix of short- and long-term compensation elements | | | | | Include double-trigger change in control provisions for LTIP stock awards | | | | | Design compensation programs to mitigate undue risk | | | | | Maintain stock ownership guidelines | | | | | Prohibit hedging or pledging of JLL stock and short-sales | | | | | Utilize an independent compensation consulting firm | | | | | Clawback of certain incentives in the event of a subsequent restatement of financial statements | | |

  77. Role of the Compensation Committee

    | • | Retains and regularly confers with independent compensation consultants to advise on the design, structure, and market competitiveness of our compensation programs; | | • | Reviews market compensation data to compare our executive compensation to other similarly-situated companies and to study how such companies use compensation to promote desired business outcomes and attract and retain executive talent; and | | • | Considers other relevant matters, including internal equity, consistency, and accounting requirements, when determining compensation elements. |

  78. Role of our Chief Executive Officer

    | • | Reviews external market data as well as internal equity comparisons to recommend targets; | | • | Evaluates in his judgment the performance of each of the other NEOs based on the goals and business objectives established at the beginning of the year; | | • | Considers the quality of the interaction and contributions of the other NEOs as members of the GEB; and | | • | Compares the performance of each of the other NEOs on a relative basis, considering the different market, geographical, and cultural dynamics and challenges of each of their respective business segments. |

  79. Role of independent compensation consultant

    Role of independent compensation consultant The Compensation Committee has the authority to retain, as needed, independent counsel, compensation and benefits consultants, and other outside experts or advisors. In 2023, the Compensation Committee retained Exequity as its independent compensation consultant to provide advice on matters related to the compensation of the NEOs. The Compensation Committee has assessed Exequity’s independence in light of SEC rules and NYSE listing standards and has determined that Exequity is independent. Exequity does not advise management or receive any compensation from JLL other than in connection with its work for the Compensation Committee. Accordingly, the work performed by Exequity does not raise any conflicts of interest. During 2023, the Compensation Committee requested Exequity to:

  80. Role of independent compensation consultant

    | • | Review and comment on the agendas and supporting materials in advance of Compensation Committee meetings; | | • | Review and comment on major compensation matters that management proposes, including comparative data and plan design recommendations; | | • | Review the compensation matters disclosed in this Proxy Statement; | | • | Provide advice on best practices for Board governance of executive compensation, current executive compensation trends, and regulatory updates; and | | • | Undertake special projects or provide certain other advice. |

  81. Role of independent compensation consultant

    | 2024 Proxy Statement | 44 |

  82. Competitive assessment

    Competitive assessment We recognize that our compensation practices must be competitive within the broader markets where we compete. As we strive to maintain our leadership position within the global real estate services, property technology and investment management industries, it is critical that we attract, retain and motivate executives who can help us continue to deliver on the commitments we make to our clients and shareholders. Therefore, each year the Compensation Committee compares our compensation program to those of other relevant companies. Given the diverse nature of our businesses, which combine real estate expertise with business services, we have historically compared ourselves to two peer groups: one consisting of real estate-oriented firms, and the other consisting of business services firms. In 2021, in an effort to obtain more robust competitive pay information, we sought to increase the size of our peer group. In identifying companies to add to the previous group, the selection criteria for new peers included comparable size (companies similar in size both in terms of revenue and market capitalization), a large employee count, and a significant international footprint. In reviewing the data from this more robust peer group for the purpose of evaluating 2023 compensation, the Committee looked at the information for all peers as a group, rather than separating out real estate and business services firms. For 2023, the Committee opted to remove several real estate investment trust companies, as the Committee determined them to be relatively small as measured by annual revenue and their businesses to be dissimilar to that of JLL. Management annually reviews the composition of the peer groups, and the Compensation Committee then independently considers and approves the peer group list. Each year, management recommends changes that will keep the peer groups as meaningful as possible.

  83. Competitive assessment

    | Company | 2023 Peer Group | 2022 Peer Group | | AECOM | X | X | | Aon plc | X | X | | Boston Properties, Inc. | | X | | CACI International Inc. | X | X | | CBRE Group, Inc. | X | X | | CGI Group Inc. | X | X | | Cognizant Technology Solutions Corporation | X | X | | Cushman & Wakefield plc | X | X | | Duke Realty Corporation | | X | | DXC Technology Company | X | X | | EMCOR Group, Inc. | X | X | | Equifax Inc. | X | X | | Fidelity National Information Services, Inc. | X | X | | Fluor Corporation | X | X | | Host Hotels & Resorts, Inc. | | X | | Invesco Ltd. | X | X | | Jacobs Engineering Group Inc. | X | X | | Leidos Holdings, Inc. | X | X | | ManpowerGroup Inc. | X | X | | Marsh & McLennan Companies, Inc. | X | X | | Prologis Inc. | X | X | | Raymond James Financial Inc. | X | X | | Robert Half International Inc. | X | X | | SL Green Realty Corp. | | X | | T. Rowe Price Group, Inc. | X | X | | Vornado Realty Trust | | X | | Willis Towers Watson Public Limited Company | X | X |

  84. Competitive assessment

    We believe the peer group and other external benchmark data relating to the JLL CEO, JLL CFO and CEO, Work Dynamics positions correlate to publicly available data. For those positions, the external reference is the set of peer group companies above, for which data are available through their respective proxy statements. For the Co-CEOs of JLL Technologies, because of the technological focus of their roles, in addition to the peer group data above, we use several hierarchical and role comparisons from publicly disclosed information and various other survey matches. Accordingly, we take an internal equity approach, anchored on data for our JLL CEO, JLL CFO, and CEO, Work Dynamics, all of which we do believe correlate well. We then also assess the positions of the Co-CEOs of JLL Technologies on relative size, profit contributions, and comparative performance of JLL Technologies. After the internal equity comparison, we then look at the external market data and hierarchical comparisons to review from an external equity perspective.

  85. 2023 Annual Incentive Plan

    2023 Annual Incentive Plan Our AIP structure is designed to align our executives’ compensation with JLL’s enterprise performance, reward executives for their individual performance, and reward performance against strategic leadership goals. The Compensation Committee establishes target AIP awards for each NEO based on extensive external and internal equity considerations as noted above. Awards are first determined based on results against JLL’s annual financial goals at the enterprise level with payouts historically ranging from 0% to 150% of target. Achievement of threshold performance results in a payout of 50% of the target bonus amount, achievement of target performance results in a payout of 100% of the target bonus amount, and achievement of maximum performance (or greater) results in a payout of 150% of the target bonus amount, with a straight-line interpolation applied to results between goals to calculate payout percentage earned. Achievement below threshold results in no payment. After the Compensation Committee certifies financial performance against targets, the resulting awards are adjusted by a Leadership Multiplier (described below) ranging between 80% and 120%. Final AIP awards are delivered in cash.

  86. Financial performance measures

    Financial performance measures All GEB members are aligned under the same enterprise performance measures and weightings. The shared performance measures tie the compensation of all our NEOs in the short term for the annual cash variable compensation program to our global corporate performance.

  87. Financial performance measures

    | Performance Measures* | Performance Weighting | What is it? | | AIP Adjusted EBITDA | 50% | Our externally reported EBITDA (earnings before income tax, depreciation and amortization), adjusted to exclude net non-cash mortgage servicing rights, mortgage banking derivative activity, net loss on dispositions and interest on employee loans, net of forgiveness, along with certain restructuring and acquisition charges. For 2023, at its discretion, the Committee opted to exclude equity earnings/losses from the AIP Adjusted EBITDA metric for the following reasons: • In 2023, equity earnings/losses are a mark to market non-cash item; • Exclusion of equity earnings/losses is a better reflection of underlying operational performance of JLL; and • It aligns with the measurement methodology that will be used going forward, see 2024 Compensation Program changes on page 54. | | AIP Adjusted EBITDA Margin | 25% | AIP Adjusted EBITDA divided by our externally reported Revenue less directly and indirectly reimbursed costs and Net non-cash MSRs. | | Free Cash Flow | 25% | Represents cash provided by operating activities less net capital additions from property and equipment. |

  88. Financial performance measures

    | * The above measures are non-GAAP financial measures used by the Compensation Committee in determining executive compensation. See Annex A for a reconciliation of non-GAAP financial measures to our results as reported under GAAP. |

  89. Financial performance measures

    | 2024 Proxy Statement | 48 |

  90. Financial performance measures

    For the AIP Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow Measures, the Compensation Committee set the below threshold, target and maximum performance.

  91. Financial performance measures

    | | Threshold 50% payout | Target 100% payout | Maximum 150% payout | Actual Performance | Weight | Payout Percentage | Total Weighted Funding | | AIP Adjusted EBITDA | | | | $913.4M 73% of target | 50% | 69% | | | AIP Adjusted EBITDA Margin | | | | 12.3% 83% of target | 25% | 84% | 76.2% | | Free Cash Flow | | | | $388.9M 83% of target | 25% | 83% | |

  92. Financial performance measures

    AIP Adjusted EBITDA, AIP Adjusted EBITDA Margin and Free Cash Flow as presented are non-GAAP financial measures as adjusted and used by the Compensation Committee in determining executive compensation. See Annex A, page 94 for a reconciliation of non-GAAP financial measures to our results as reported under GAAP.

  93. Financial performance measures

    | 2024 Proxy Statement | 49 |

  94. Determination of 2023 AIP awards

    Determination of 2023 AIP awards The Compensation Committee set the AIP target bonus amounts for our NEOs shown in the table below through the process described previously. Based on the financial performance results and the Leadership Multipliers, the following annual bonuses were earned in 2023:

  95. Determination of 2023 AIP awards

    | Executive | (A) Bonus Target | (B) Financial Goals Payout Percentage | (C) Calculated Performance Basis of Award | (D) Leadership Multiplier | Final Cash AIP Award (A)x(B)x(D) | | Christian Ulbrich | $3,000,000 | 76.2% | $2,286,000 | 100% | $2,286,000 | | Karen Brennan | $1,500,000 | 76.2% | $1,143,000 | 110% | $1,257,300 | | Yishai Lerner | $1,920,000 | 76.2% | $1,463,040 | 100% | $1,463,040 | | Neil Murray | $1,800,000 | 76.2% | $1,371,600 | 120% | $1,645,920 | | Mihir Shah | $1,920,000 | 76.2% | $1,463,040 | 100% | $1,463,040 |

  96. Determination of 2023 AIP awards

    We provide additional information about the cash payments under the AIP to our NEOs below in the 2023 Summary Compensation Table under the column “Non-Equity Incentive Plan Compensation.”

  97. Determination of 2023 AIP awards

    | 2024 Proxy Statement | 50 |

  98. 2023 GEB Long-Term Incentive Plan

    2023 GEB Long-Term Incentive Plan JLL has a long-term incentive plan for members of our GEB (GEB LTIP). The GEB LTIP is designed to align executives’ interests with the interests of our shareholders, align executives’ compensation with JLL’s enterprise performance, and reward performance against JLL’s long-term strategic goals. The GEB LTIP provides for annual awards of performance share units (PSUs) that cliff vest at the end of three years, subject to achievement of performance against predefined metrics. In addition, the GEB LTIP provides for annual awards of restricted stock units (RSUs) that cliff vest at the end of three years. The Compensation Committee establishes target GEB LTIP award amounts for each NEO based on extensive external and internal equity considerations. The number of PSUs achieved is calculated based on JLL’s results against two long-term metrics, with payouts ranging from 0% to 150% for each metric. PSUs are settled in JLL common stock. RSUs are also settled in JLL common stock upon expiration of the time-based vesting schedule.

  99. Performance metrics

    Performance metrics The following table describes our long-term performance metrics and explains how they align with shareholders’ interests.

  100. Performance metrics

    | Performance Measures | What is It? | When is it assessed? | Why do we use it? | | U.S. GAAP Diluted EPS | U.S. GAAP Diluted EPS is a measure of JLL’s GAAP profit allocated to each outstanding share of stock, including the dilutive impact of our common stock equivalents. U.S. GAAP Diluted EPS is calculated as (i) net income attributable to common shareholders (ii) divided by the weighted average number of common shares outstanding inclusive of the dilutive impact of our common stock equivalents. | After three years for cumulative performance | Aligns compensation to a key indicator of JLL’s performance and returns on shareholder equity | | Relative TSR | JLL’s TSR is ranked versus the companies in the S&P 500. The beginning share price for the performance period is the average closing price of JLL’s common stock for the final 20 trading days of the calendar year that precedes the start of the performance period, and the final share price for performance period is the average closing price of JLL’s common stock for the final 20 trading days of such performance period. | After three years for cumulative performance | Aligns compensation to delivering shareholder value |

  101. Performance metrics

    For the U.S. GAAP Diluted EPS performance metric, the Compensation Committee sets a threshold, target, and maximum goal with an associated payout. Our specific U.S. GAAP Diluted EPS goals are shown below. We do not disclose details regarding our U.S. GAAP Diluted EPS goals for competitive reasons, but they are meant to be challenging but attainable with superior effort. The payouts for achievement of our U.S. GAAP Diluted EPS goals are shown below.

  102. Performance metrics

    | U.S. GAAP Diluted EPS Achievement | Payout for U.S. GAAP Diluted EPS (as a % of target)* | | Threshold (70% of target) | 50% | | Target | 100% | | Maximum (130% of target) | 150% |

  103. Performance metrics

    | * straight-line interpolation for results between goals. |

  104. Performance metrics

    | 2024 Proxy Statement | 51 |

  105. Performance metrics

    The Relative TSR metric will pay out based on our TSR ranking within the S&P 500 Index, as follows:

  106. Performance metrics

    | TSR Percentile Rank in the S&P 500 | Payout for TSR (as a % of target)* | | 25th | 50% | | 50th | 100% | | 75th | 150% |

  107. Performance metrics

    | * Straight-line interpolation for results between goals. |

  108. Determination of 2023 GEB LTIP grants

    Determination of 2023 GEB LTIP grants The table below represents the grant date fair market value of target PSUs and RSUs awarded on April 5, 2023.

  109. Determination of 2023 GEB LTIP grants

    | | U.S. GAAP Diluted EPS (75% weighting) (#) | Relative TSR (25% weighting) (#) | Total PSUs Granted (#) | Total RSUs Granted (#) | Value(1) | | Christian Ulbrich | 31,875 | 10,624 | 42,499 | 20,932 | $8,688,178 | | Karen Brennan | 7,356 | 2,451 | 9,807 | 4,831 | $2,004,980 | | Yishai Lerner | 9,416 | 3,138 | 12,554 | 6,183 | $2,566,419 | | Neil Murray | 8,827 | 2,942 | 11,769 | 5,797 | $2,406,025 | | Mihir Shah | 9,416 | 3,138 | 12,554 | 6,183 | $2,566,419 |

  110. Determination of 2023 GEB LTIP grants

    | (1) The amounts we report in this column reflect the grant date fair values of awards to our NEOs computed in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification Topic 718, Compensation — Stock Compensation, assuming performance at target levels. See footnote 2 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of the relevant assumptions used in calculating this amount. |

  111. GEB LTIP 2021-2023 PSU award results

    GEB LTIP 2021-2023 PSU award results In April 2021, the Compensation Committee established the following metrics, targets and weights for the 2021-2023 PSUs issued under the GEB LTIP. On February 23, 2024, the Compensation Committee determined if the Company met or exceeded the specific thresholds as shown below for the three-year performance period ended December 31, 2023, ultimately certifying total percentage payout of 98% of target, and the shares deliverable under the 2021-2023 PSUs vested as of March 31, 2024.

  112. GEB LTIP 2021-2023 PSU award results

    | | Metric Criteria | | | | 2021-2023 Actual | Metric | | | Threshold | Target | Maximum | Weight | Achievement | Payout | | U.S. GAAP Diluted EPS | $25.31 per share | $36.16 per share | $47.01 per share | 75% | $36.41 | 101.2% | | Relative TSR | 25th percentile | 50th percentile | 75th percentile | 25% | 44th percentile | 88.6% | | Aggregate Weighted Payout: | | | | | | 98.0% |

  113. GEB LTIP 2021-2023 PSU award results

    The amounts earned by our NEOs are reflected in the table below and were delivered in the first quarter of 2024.

  114. GEB LTIP 2021-2023 PSU award results

    | | 2021-2023 PSUs Awarded | Performance Payout | Shares Vesting | | Christian Ulbrich | 25,661 | 98% | 25,151 | | Karen Brennan | 6,387 | 98% | 6,260 | | Yishai Lerner | 9,409 | 98% | 9,222 | | Neil Murray | 6,795 | 98% | 6,660 | | Mihir Shah | 9,409 | 98% | 9,222 |

  115. GEB LTIP 2021-2023 PSU award results

    | 2024 Proxy Statement | 52 |

  116. Severance arrangements for NEOs

    Severance arrangements for NEOs

  117. Severance Pay Plan

    Severance Pay Plan We currently maintain a Severance Pay Plan for full-time employees in the U.S., including executive officers. To be eligible to receive benefits under the Severance Pay Plan, an employee must be involuntarily terminated from employment under specified circumstances and also must meet certain other conditions. Benefits under the Severance Pay Plan include:

  118. Severance Pay Plan

    | • | base severance equal to one-half month of base pay in effect at the time of the employment termination, and | | • | enhanced severance if the employee executes a severance agreement and general release. |

  119. Severance Pay Plan

    Enhanced severance is (i) a multiple of base pay that varies with the circumstances of termination and is otherwise based on an employee’s position level and length of service, (ii) reimbursement for certain health care insurance costs, and (iii) outplacement for professional employees. The maximum benefit available under the Severance Pay Plan is fifteen months of base pay. For employees terminated after June 30 of any given year and before annual incentives are paid for that year, enhanced severance also includes an eligibility for pro-rated annual incentive payment, calculated based on the employee’s target annual incentive for the year of termination, subject to JLL’s then-existing practice of determining annual incentive payments. Under a provision of the Severance Pay Plan that we specifically established to cover members of our GEB, each of the NEOs would be eligible (regardless of length of service or location) to receive a minimum of twelve months of base salary, plus an amount equal to the individual’s target annual incentive for the year of termination, as enhanced severance if that executive’s employment is involuntarily terminated by JLL without cause. To the extent applicable, a GEB participant who is also eligible to receive severance payments under any other plan, program or arrangement provided to employees in countries other than the U.S. may elect whether to receive payments under such other arrangement rather than the Severance Pay Plan, but may not receive payments under both. In any event, the maximum benefit under the Severance Pay Plan remains at fifteen months (excluding potential for a prorated share under the annual incentive plan based on the individual’s exit date) if a participant has sufficient tenure to exceed the twelve-month minimum. The potential severance benefits we make available to our NEOs are designed to help us retain them as we compete for talented employees in a marketplace for global talent where similar (if not often greater) protections are commonly offered. We intend for severance benefits to ease an employee’s transition due to an unexpected employment termination. We do not provide any tax gross-ups on severance payments under any circumstances.

  120. Change in control benefits

    Change in control benefits On March 3, 2021, or upon being named a GEB member, each of our GEB members entered into a form of change in control agreement. The agreement provides for payment of severance and other benefits to members of the GEB if their employment is terminated either without cause or for good reason (as defined in the agreement) during the 24-months following a change in control, subject to the GEB member’s execution and non-revocation of a general release of claims in favor of the Company. The agreement provides for the following payments and benefits to a GEB member:

  121. Change in control benefits

    | • | A lump-sum payment of their annual base pay times the multiplier applicable to such executive (which is 3.0 for Mr. Ulbrich and 1.5 for all other GEB members); | | • | A lump-sum payment equivalent to their annual target bonus for the year of termination times the multiplier applicable to such executive (which is 3.0 for Mr. Ulbrich and 1.5 for all other GEB members); | | • | A lump-sum payment of their pro rata bonus, at target, calculated from the January 1 through their last day of employment with the Company in a Plan Year; and | | • | Accelerated vesting of all outstanding stock-based awards issued under the Company’s applicable stock award incentive plan. |

  122. Change in control benefits

    We do not provide any tax gross-ups on change in control benefits under any circumstances. We believe these change in control severance benefits will encourage our executives to remain focused on JLL’s business in the event of rumored or actual fundamental corporate changes.

  123. Change in control benefits

    | 2024 Proxy Statement | 53 |

  124. 2024 Compensation Program changes

    | • | Changes to AIP Metrics. Both Adjusted EBITDA and Adjusted EBITDA margin will be calculated excluding the impact of equity investments for JLL/T and LaSalle from the measurement of results. The new measures will therefore exclude the impact of largely non-cash investment gains/losses and will better reflect our operational performance of the company. In addition, Free Cash Flow has been moved to the GEB LTIP plan as the metric has greater relevance when measured over a longer period and has been replaced under the AIP by Strategic Factors, which are intended to be objective goals set annually that reflect the strategic intent of JLL. | | • | Changes to GEB LTIP Metrics. Like the AIP, Adjusted EPS will be calculated excluding the impact of equity investments for JLL/T and LaSalle for purposes of the long-term incentive program. At the beginning of each year (2024, 2025, and 2026) during the three-year performance period, the Compensation Committee will establish Adjusted EPS goals for that year. Following the completion of each fiscal year, the Compensation Committee will determine the payout percentage that was attained for such year and following the completion of the third fiscal year, the Compensation Committee will determine the average payout for the three-year period. In deciding to measure Adjusted EPS against annual targets within each three-year performance cycle, the Compensation Committee considered the difficulty in establishing appropriate long-term performance measures for the Company given the inherent cyclicality in our industry as well as the pronounced effects of macroeconomic factors such as rapidly changing interest rates on our transactional business. Additionally, beginning in 2024, Free Cash Flow will no longer be utilized as a performance metric under the AIP, as the metric is better measured over a longer period. Instead, the 2024 GEB LTIP program will utilize Free Cash Flow Conversion as a performance metric, which shall mean Free Cash Flow (from operations less distributions of earnings from investment less capex) divided by Adjusted Net Income which shall mean GAAP Net Income adjusted to exclude restructuring and acquisition charges, net |

  125. 2024 Compensation Program changes

    | Plan Design Element | 2023 AIP | 2024 AIP | | Performance Metrics and Weightings | 50% AIP Adjusted EBITDA 25% AIP Adjusted EBITDA Margin 25% Free Cash Flow | 50% AIP Adjusted EBITDA 25% AIP Adjusted EBITDA Margin 25% Strategic Factors | | Payout Levels | –Threshold: 50% –Target: 100% –Maximum: 150% | – Threshold: 50% – Target: 100% – Maximum: 200% | | Plan Design Element | 2023 LTIP | 2024 LTIP | | Equity Vehicle and Weightings | • 67% PSUs • 33% RSUs | • 60% PSUs • 40% RSUs | | Performance Metrics and Weightings | • PSUs – 75% GAAP Earnings per Share – 25% GAAP Relative TSR • RSUs – no performance hurdles; time-based | • PSUs – 75% Adjusted Diluted Earnings per Share – 25% Free Cash Flow Conversion Ratio – +/- 20% Relative TSR Modifier • RSUs – no change | | Performance Period/Vesting | • PSU – 3 year performance period with all goals established at grant • RSUs – 3 Year cliff vesting | • PSU – 3 year performance period with Free Cash Flow Conversion Ratio and Relative TSR goals established at grant. Adjusted EPS goals measured annually with goal established at the start of each respective year. • RSUs – 3 Year cliff vesting | | Payout (if TSR is negative) | If Company TSR over the performance period is negative, then payout for TSR performance shall not exceed a payout of 100% | If Company TSR over the performance period is negative, Relative TSR Modifier cannot result in upward adjustment | | Payout Levels | • GAAP EPS and Relative TSR –Threshold: 50% –Target: 100% –Maximum: 150% | • Adjusted EPS and Free Cash Flow Conversion Ratio – Threshold: 50% – Target: 100% – Maximum: 200% • Relative TSR +/- 20% modifier; overall maximum payout is 200% |

  126. 2024 Compensation Program changes

    | Plan Design Element | 2023 | 2024 | | Ownership Guidelines | • Ownership level requirements: – CEO six times salary – Other NEOs four times salary • Holding requirements: – 100% of net shares following vesting or exercise until ownership guideline has been met – 50% of net shares for two years following vesting or exercise | • Ownership level requirements: – CEO six times salary – Other NEOs, lesser of four times salary or one times annual long-term incentive target (four times salary will continue to apply for all non-CEO NEOs) • Holding requirements: – 75% of net shares following vesting or exercise until ownership guideline has been met – 50% of net shares for two years following vesting or exercise |

  127. 2023 Summary Compensation Table

    2023 Summary Compensation Table

  128. 2023 Summary Compensation Table

    | Name and Principal Position | Year | Salary(1) | Bonus | Stock Awards(2) | Option Awards | Non-Equity Incentive Plan Compensation(3) | All Other Compensation(4) | Total | | Christian Ulbrich | 2023 | $1,032,158 | $— | $8,688,178 | $— | $2,286,000 | $35,047 | $12,041,383 | | Chief Executive Officer and President | 2022 | $889,121 | $— | $9,741,059 | $— | $1,375,440 | $50,147 | $12,055,766 | | | 2021 | $970,997 | $— | $7,306,412 | $— | $4,500,000 | $79,410 | $12,856,819 | | Karen Brennan | 2023 | $500,000 | $— | $2,004,980 | $— | $1,677,581 | $170,995 | $4,353,555 | | Chief Financial Officer | 2022 | $500,000 | $— | $2,247,954 | $— | $1,343,189 | $87,162 | $4,178,304 | | | 2021 | $496,154 | $— | $1,818,404 | $— | $2,973,060 | $41,853 | $5,329,471 | | Yishai Lerner | 2023 | $500,000 | $— | $2,566,419 | $— | $1,463,040 | $13,708 | $4,543,166 | | Co-CEO, JLL Technologies | 2022 | $500,000 | $— | $2,877,143 | $— | $880,282 | $12,651 | $4,270,075 | | | 2021 | $496,154 | $— | $6,925,323 | $— | $3,037,500 | $12,014 | $10,470,991 | | Neil Murray | | | | | | | | | | Chief Executive Officer Work Dynamics | 2023 | $500,000 | $— | $2,406,025 | $— | $1,645,920 | $508 | $4,552,453 | | Mihir Shah | 2023 | $500,000 | $— | $2,566,419 | $— | $1,463,040 | $13,708 | $4,543,166 | | Co-CEO, JLL Technologies | 2022 | $500,000 | $— | $2,877,143 | $— | $880,282 | $12,651 | $4,270,075 | | | 2021 | $496,154 | $— | $6,925,323 | $— | $3,037,500 | $12,014 | $10,470,991 |

  129. 2023 Summary Compensation Table

    | (1) We pay the annual base salary and non-equity incentive plan compensation to Mr. Ulbrich in Euros, the currency of the country where he resides. Base salary was converted to USD using 2023 annual average currency conversion rate. In 2023, 2022, and 2021, the amounts of Mr. Ulbrich’s non-equity incentive plan compensation were determined in U.S. dollars and then converted into Euros at the prevailing exchange rate. | | (2) The amounts we report in this column reflect the grant date fair values of stock awards we made to our NEOs computed in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification Topic 718, Compensation — Stock Compensation. See footnote 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, for a discussion of the relevant assumptions used in calculating the amounts. In accordance with SEC rules, the amounts included in the column for the PSU awards granted during 2023 are calculated based on the probable outcome of the performance conditions (assumed at target) for such awards on the grant date. If the probable outcome of the performance conditions as of grant date had been maximum performance, then the grant date fair value of the PSUs would have been as follows: Mr. Ulbrich — $8,692,427; Ms. Brennan — $2,005,850; Mr. Lerner — $2,567,701; Mr. Murray — $2,407,143; and Mr. Shah — $2,567,701. | | (3) The amounts in this column reflect annual incentive cash payments we made under the AIP relating to 2023 performance for all NEOs. For Ms. Brennan, the amount also reflects $420,281 received in 2023 under the LaSalle Cash LTIP for vesting of prior awards received between 2019 through 2020. | | (4) The amounts in this column reflect the All Other Compensation with the details for 2023 referenced in the table below. Amounts were converted to USD using December 31, 2023 currency conversion rate. |

  130. 2023 Summary Compensation Table

    | 2024 Proxy Statement | 57 |

  131. 2023 Summary Compensation Table

    All other compensation

  132. 2023 Summary Compensation Table

    | | 401(k) Match and Pension Contribution | Life, Healthcare and Healthcare Bonus | Ex-Pat GUG and Tax Equalization(1) | Tax Preparation Services | Total | | Christian Ulbrich | $28,222 | $0 | $0 | $6,825 | $35,047 | | Karen Brennan | $13,200 | $380 | 153,602 | $3,813 | $170,995 | | Yishai Lerner | $13,200 | $508 | $0 | $0 | $13,708 | | Neil Murray | $0 | $508 | $0 | $0 | $508 | | Mihir Shah | $13,200 | $508 | $0 | $0 | $13,708 |

  133. 2023 Summary Compensation Table

    | (1) For Ms. Brennan, amount represents the incremental cost to JLL of tax equalization and other related payments associated with her long-term assignment to the United Kingdom, all in accordance with the Company’s standard policies. Per JLL’s standard policy, expatriate benefits and reimbursements are discontinued at the end of an assignment. However, tax equalization and other tax-related payments may continue, but only to the extent that liabilities related to the foreign assignment are incurred. |

  134. 2023 Summary Compensation Table

    | 2024 Proxy Statement | 58 |

  135. Grants of plan-based awards for 2023

    Grants of plan-based awards for 2023 The following table sets forth information about stock and cash awards, the totals of which are reflected in the Summary Compensation Table above, that we made to the NEOs under our 2023 AIP and our existing Stock Award and Incentive Plans (SAIP), including under the GEB LTIP.

  136. Grants of plan-based awards for 2023

    | | | Estimated future payouts under non-equity incentive plan awards(1) | | | | Estimated future payouts under equity incentive plan awards(2) | | | | | | | Grant Date | Type of Award | Threshold | Target | Maximum | Threshold (#) | Target (#) | Maximum (#) | All Other Stock Awards: Number of Shares of Stock or Units(3) | Grant Date Fair Value of Stock Awards(4) | | Christian Ulbrich | — | AIP | $1,500,000 | $3,000,000 | $4,500,000 | — | — | — | — | — | | | 4/5/2023 | PSU | — | — | — | 21,250 | 42,499 | 63,749 | — | $5,794,957 | | | 4/5/2023 | RSU | — | — | — | — | — | — | 20,932 | $2,893,221 | | Karen Brennan | — | AIP | $750,000 | $1,500,000 | $2,250,000 | — | — | — | — | — | | | 4/5/2023 | PSU | — | — | — | 4,904 | 9,807 | 14,711 | — | $1,337,239 | | | 4/5/2023 | RSU | — | — | — | — | — | — | 4,831 | $667,741 | | Yishai Lerner | — | AIP | $960,000 | $1,920,000 | $2,880,000 | — | — | — | — | — | | | 4/5/2023 | PSU | — | — | — | 6,277 | 12,554 | 18,831 | — | $1,711,804 | | | 4/5/2023 | RSU | — | — | — | — | — | — | 6,183 | $854,614 | | Neil Murray | — | AIP | $900,000 | $1,800,000 | $2,700,000 | — | — | — | — | — | | | 4/5/2023 | PSU | — | — | — | 5,885 | 11,769 | 17,654 | — | $1,604,764 | | | 4/5/2023 | RSU | — | — | — | — | — | — | 5,797 | $801,261 | | Mihir Shah | — | AIP | $960,000 | $1,920,000 | $2,880,000 | — | — | — | — | — | | | 4/5/2023 | PSU | — | — | — | 6,277 | 12,554 | 18,831 | — | $1,711,804 | | | 4/5/2023 | RSU | — | — | — | — | — | — | 6,183 | $854,614 |

  137. Grants of plan-based awards for 2023

    | (1) Represents threshold, target and maximum payouts under our 2023 AIP. The AIP awards 50% of the target bonus amount for threshold performance, 100% for target performance and 150% for maximum performance. Applying the Leadership Multiplier, the initial calculated award can be adjusted in a range between a minimum of 80% and a maximum of 120% of the calculated award. | | (2) The GEB LTIP awards 50% of the target number of PSUs for threshold performance, 100% for target performance, 150% for maximum performance, and are forfeited for performance below threshold. The PSUs vest after the three-year performance period based on JLL’s performance against the defined metric(s). Treatment of 2023 PSUs at different exit scenarios is as follows: death or disability — fully vest at target and are settled within 60 days; voluntarily resign or are involuntarily terminated with or without cause — forfeited; retirement (as defined under the SAIP) — continue to vest based on actual performance at the end of the performance period, subject to a signed restrictive covenant agreement. | | (3) RSUs are treated as follows at different exit scenarios: death or disability — fully vest at amount award and are settled within 60 days; voluntarily resign or are involuntarily terminated with or without cause — forfeited; retirement (as defined under the SAIP) — continue to vest as scheduled, subject to a signed restrictive covenant agreement. | | (4) The amounts we report in this column reflect the grant date fair values of stock awards made to our NEOs computed in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification Topic 718, Compensation — Stock Compensation. If the outcome of the performance conditions as of grant date had been maximum performance, then the grant date fair value of the PSUs would have been as follows: Mr. Ulbrich — $8,692,427; Ms. Brennan — $2,005,850; Mr. Lerner — $2,567,701; Mr. Murray — $2,407,143; and Mr. Shah — $2,567,701. See footnote 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, for a discussion of the relevant assumptions used in calculating the amounts. |

  138. Grants of plan-based awards for 2023

    | 2024 Proxy Statement | 59 |

  139. 2023 outstanding equity awards at fiscal year-end

    2023 outstanding equity awards at fiscal year-end The following table sets forth information concerning the number and value of unvested RSUs and PSUs as of December 31, 2023. The stock awards reported in this table were all made under our existing Stock Award and Incentive Plans. None of our NEOs have outstanding stock options.

  140. 2023 outstanding equity awards at fiscal year-end

    | | Number of Units of Stock That Have Not Vested(1) | Market Value of Units of Stock That Have Not Vested(2) | Equity Incentive Plan Awards: Number of Unearned PSUs That Have Not Vested(3) | Equity Incentive Plan Awards: Market Value of Unearned PSUs That Have Not Vested(2) | | Christian Ulbrich | 72,726 | $13,735,760 | 56,715 | $10,711,762 | | Karen Brennan | 17,468 | $3,299,181 | 13,088 | $2,471,836 | | Yishai Lerner | 24,175 | $4,565,932 | 42,220 | $7,974,091 | | Neil Murray | 19,682 | $3,717,339 | 15,706 | $2,966,298 | | Mihir Shah | 24,175 | $4,565,932 | 42,220 | $7,974,091 |

  141. 2023 outstanding equity awards at fiscal year-end

    | (1) Vesting terms described below for unvested units. Includes the PSUs granted in 2021 that vested in 2024 at actual performance. See “GEB LTIP 2021-2023 PSU award results” at page 52. | | (2) The market value is based on the closing price of JLL common stock on the NYSE on December 29, 2023 which was $188.87. Markets were closed on December 31, 2023. | | (3) The PSUs granted in 2022 will vest in 2025 and reflect threshold performance, the PSUs granted in 2023 will vest in 2026 and reflect weighted average payout target performance, in each case after the three-year cumulative performance period. Below are the vesting terms for unearned performance stock units. |

  142. 2023 outstanding equity awards at fiscal year-end

    | Unvested Units | Vesting on Feb 15, 2024 | Vesting on March 31, 2024 | Vesting on Feb 15, 2025 | Vesting on Feb 15, 2026 | Total | | Christian Ulbrich | 12,639 | 25,151 | 14,004 | 20,932 | 72,726 | | Karen Brennan | 3,145 | 6,260 | 3,232 | 4,831 | 17,468 | | Yishai Lerner | 4,634 | 9,222 | 4,136 | 6,183 | 24,175 | | Neil Murray | 3,347 | 6,660 | 3,878 | 5,797 | 19,682 | | Mihir Shah | 4,634 | 9,222 | 4,136 | 6,183 | 24,175 |

  143. 2023 outstanding equity awards at fiscal year-end

    | Unvested Performance Units | Vesting March 31, 2025 | Vesting March 31, 2026 | Milestone | Total | | Christian Ulbrich | 14,216 | 42,499 | — | 56,715 | | Karen Brennan | 3,281 | 9,807 | — | 13,088 | | Yishai Lerner | 4,199 | 12,554 | 25,467(1) | 42,220 | | Neil Murray | 3,937 | 11,769 | — | 15,706 | | Mihir Shah | 4,199 | 12,554 | 25,467(1) | 42,220 |

  144. 2023 outstanding equity awards at fiscal year-end

    | (1) 50% vest upon achievement of the milestone, 25% on the first anniversary of achievement, and 25% on the second anniversary of achievement. |

  145. 2023 outstanding equity awards at fiscal year-end

    | 2024 Proxy Statement | 60 |

  146. Option exercises and stock vested during 2023

    Option exercises and stock vested during 2023 The following table sets forth information about grants of RSUs and PSUs made prior to 2023 that vested in 2023. None of the NEOs exercised any options during 2023, and none of them have any options outstanding.

  147. Option exercises and stock vested during 2023

    | | Stock Awards | | | | Number of Shares Acquired on Vesting(1) | Value Realized on Vesting(2) | | Christian Ulbrich | 46,911 | $6,624,771 | | Karen Brennan | 9,914 | $1,484,799 | | Yishai Lerner | 21,207 | $3,027,522 | | Neil Murray | 11,277 | $1,592,538 | | Mihir Shah | 21,207 | $3,027,522 |

  148. Option exercises and stock vested during 2023

    | (1) Number of shares shown represents the total number of shares vested, including shares withheld for tax obligations, if applicable. | | (2) Values shown represent the per share closing price of our Common Stock on the NYSE for the respective vesting dates for the shares indicated. Shares shown in the table vested on January 17, 2023, with a related price per share of $177.16 (Mr. Lerner - 909 shares and Mr. Shah - 909 shares); March 31, 2023, with a related price per share of $141.22 (Mr. Ulbrich - 46,911 shares, Ms. Brennan - 6,605 shares, Mr. Lerner - 20,298 shares, Mr. Murray - 11,277 shares, and Mr. Shah - 20,298 shares); July 15, 2023, with a price per share of $166.83 (Ms. Brennan - 3,309 shares). |

  149. Chief Executive Officer pay ratio disclosure

    Chief Executive Officer pay ratio disclosure As a global organization, we had approximately 106,000 employees operating in over 80 countries at the end of 2023 (with approximately, 69,000 employees outside the U.S.). Our objective is to provide competitive compensation commensurate with each employee’s position and geographic location. The following ratio of our CEO’s annual total compensation to that of our median employee is provided pursuant to Item 402(u) of SEC Regulation S-K and Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

  150. Pay ratio

    Pay ratio After identifying the median employee, we calculated the median employee’s 2023 compensation. In accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K (including personal benefits that aggregated less than $10,000). We used the same methodology to calculate the compensation of our Chief Executive Officer. Using these calculations, our CEO received $12,041,383 and our median employee received approximately $54,571 in compensation in 2023. The pay ratio is 221:1. We used reasonable estimates, assumptions, and methodologies to identify the median employee and calculate the pay ratio presented. Because the SEC rules for identifying the median employee and calculating the pay ratio allow companies to use different methodologies, exemptions, estimates, and assumptions, the above disclosure may not be comparable to the pay ratio disclosure provided by other companies.

  151. Pay versus performance

    Pay versus performance As required by Item 402(v) of Regulation S-K, we are providing the following information about the relationship between compensation actually paid (as defined in Item 402(v)) and performance.

  152. Pay versus performance

    | | Summary Compensation Table (SCT) Total for CEO(2) (b) | Compensation Actually Paid (CAP) for CEO(2) (c) | | | Value of Initial Fixed $100 Investment Based on(1) | | | | | Year (a) | | | Avg. SCT Total for Other NEOs(3) (d) | Avg. CAP to Other NEOs(3) (e) | TSR (f) | Peer Group TSR(4) (g) | Net Income(5) (h) | AIP Adjusted EBITDA(6) (i) | | 2023 | $12,041,383 | $10,618,248 | $4,498,085 | $3,656,659 | $108.45 | $141.85 | $225 | $913 | | 2022 | $12,055,766 | $(7,762,831) | $4,314,685 | $(4,756,923) | $91.54 | $116.41 | $655 | $1,175 | | 2021 | $12,856,819 | $33,148,609 | $8,187,795 | $16,619,834 | $154.71 | $168.68 | $962 | $1,228 | | 2020 | $8,282,033 | $6,272,873 | $4,981,037 | $3,770,266 | $85.23 | $98.15 | $403 | $714 |

  153. Pay versus performance

    | (1) Pursuant to the rules of the SEC, the comparison assumes $100 was invested on December 31, 2019 in our common stock. Historic stock price performance is not necessarily indicative of future stock price performance. |

  154. Pay versus performance

    | (2) The CEO for each of the fiscal years is Mr. Ulbrich. For 2023, our other NEOs include Ms. Brennan and Messrs. Lerner, Murray and Shah. For 2022 and 2021, our other NEOs include Ms. Brennan and Messrs. O’Brien, Lerner and Shah. For 2020, our other NEOs include Mses. Stephanie Plaines and Patricia Maxson and Messrs. O’Brien, Lerner, Shah, and Jeff Jacobson. |

  155. Pay versus performance

    | (3) The following adjustments relating to equity awards were made to total compensation for each year to determine compensation actually paid: |

  156. Pay versus performance

    | 2024 Proxy Statement | 67 |

  157. Analysis of the information presented in the pay versus performance table

    Analysis of the information presented in the pay versus performance table The tables above demonstrate that over the measurement period, CAP for the CEO and NEOs trended directionally with the Company’s cumulative TSR, net income, and the Company Selected Measure (AIP Adjusted EBITDA). These changes are largely attributable to the fluctuation in value of outstanding equity awards, which correlate with increases and decreases in stock price and cumulative TSR. Over the measurement period, our cumulative TSR has slightly underperformed against the peer group.

  158. Annex B Pay ratio excluded employees

    Annex B Pay ratio excluded employees

  159. Annex B Pay ratio excluded employees

    | Country | Number of Employees | | Ecuador | 1 | | Ukraine | 1 | | Guernsey | 2 | | Paraguay | 2 | | Kazakhstan | 3 | | Qatar | 3 | | Bahrain | 5 | | Croatia | 5 | | El Salvador | 5 | | Malta | 5 | | Oman | 5 | | Mauritius | 6 | | Norway | 6 | | Guatemala | 8 | | Jamaica | 8 | | Jersey | 8 | | Denmark | 9 | | Greece | 12 | | Papua New Guinea | 13 | | Trinidad and Tobago | 14 | | Morocco | 15 | | Panama | 16 | | Serbia | 16 | | Uruguay | 16 | | Austria | 24 | | Bangladesh | 24 | | Kenya | 26 | | Nigeria | 31 | | Slovakia | 31 | | Peru | 34 | | Pakistan | 37 | | Türkiye | 39 | | Romania | 64 | | Finland | 76 | | Hungary | 76 | | Czechia | 86 | | Colombia | 118 | | New Zealand | 119 | | Sweden | 120 | | Luxembourg | 124 | | Chile | 128 | | Sri Lanka | 130 | | Switzerland | 143 | | Belgium | 149 | | Macao SAR, China | 155 | | South Africa | 218 | | Egypt | 222 | | Argentina | 270 | | Saudi Arabia | 491 | | Taiwan, China | 646 | | France | 1256 |

  160. Annex B Pay ratio excluded employees

    | 2024 Proxy Statement | 98 |