UPDATE 1-State Street CEO awarded $28.7 mln in 2008

viernes 13 de marzo de 2009 23:12 CET

March 13 (Reuters) - State Street Corp (STT.N: Cotización), which is struggling to cope with billions of dollars of unrealized investment losses, said Chief Executive Ronald Logue's 2008 compensation rose slightly to $28.7 million

The Boston-based company, one of the world's biggest institutional money managers, said Logue was granted a $1 million salary, $19.8 million in stock and option awards, $7.8 million of pension value and nonqualified deferred compensation and $120,824 in other compensation.

State Street reported Logue's compensation in a summary table included in a proxy filing on Friday with the U.S. Securities and Exchange Commission.

Logue's total compensation was $28.3 million in 2007, according to the filing.

Some pay consultants and governance experts tabulate executive pay differently, saying the summary total may be imperfect since it counts options and stock as part of pay when they vest rather than when they are awarded.

The company, which received $2 billion from the government last year as part of the Treasury's Troubled Asset Relief Program, has been seen as one of the more stable companies in the banking and asset management industry.

Shares of the company closed down 5 percent at $22.66 Friday on the New York Stock Exchange. (Reporting by Supantha Mukherjee in Bangalore; Editing by Deepak Kannan)