Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-19

Aes Corp (AES)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$9,153,896
Andrés Gluski total, FY2025
50th
CEO pay percentile vs peers
120:1
CEO-to-median pay ratio
95.93%
Say-on-pay support, latest vote
Companies that benchmark against AES
8 companies name AES as a compensation peer

Each company listed discloses AES in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named AES in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Andrés Gluski$1,241,000$0$5,019,117$0$2,568,870$0$324,909$9,153,896
Chief Executive Officer
Juan Ignacio Rubiolo550,00001,171,9280759,0000842,4043,323,332
Executive Vice President & Chief Operating Officer
Stephen Coughlin645,00089,0101,406,3170890,1000124,9873,155,414
Executive Vice President & Chief Financial Officer
Bernerd Da Santos663,00001,250,0570914,9400152,1322,980,129
Executive Vice President & President, US & Renewables
Ricardo Fal555,000114,8851,171,9280765,900096,8912,704,604
President

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Andrés Gluski$9,153,896$12,716,194
Juan Ignacio Rubiolo3,323,3323,237,227
Stephen Coughlin3,155,4143,126,922
Bernerd Da Santos2,980,1293,155,786
Ricardo Fal2,704,604

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Stephen CoughlinEVP and CFO2026-04-23A50,345$0$0CommonForm 4 ↗
Juan Ignacio RubioloEVP, COO, Pres., Energy Infra.2026-04-23A48,27600CommonForm 4 ↗
Tish MendozaEVP & Chief HR Officer2026-04-23A46,55200CommonForm 4 ↗
Paul L. FreedmanEVP, GC and Corp. Secretary2026-04-23A44,48300CommonForm 4 ↗
Moises NaimDirector2026-04-29A12,11100Derivative, Class A CommonForm 4 ↗
Julie M. LaulisDirector2026-04-29A12,11100Derivative, Class A CommonForm 4 ↗
Holly K. KoeppelDirector2026-04-29A12,11100Derivative, Class A CommonForm 4 ↗
Janet G. DavidsonDirector2026-04-29A12,11100Derivative, Class A CommonForm 4 ↗
Inderpal S. BhandariDirector2026-04-29A12,11100Derivative, Class A CommonForm 4 ↗
Gerard M. AndersonDirector2026-04-29A6,9201499,994Derivative, Class A CommonForm 4 ↗
Gerard M. AndersonDirector2026-04-29A12,11100Derivative, Class A CommonForm 4 ↗
Alain MonieDirector2026-04-29A12,11100Derivative, Class A CommonForm 4 ↗
Janet G. DavidsonDirector2026-04-29A2,0761429,998Derivative, Class A CommonForm 4 ↗
Moises NaimDirector2026-04-29A6,9201499,994Derivative, Class A CommonForm 4 ↗
Teresa M. SebastianDirector2026-04-29A12,11100Derivative, Class A CommonForm 4 ↗
AES CORPGreater-than-10% holder2026-05-15A10,066,414CommonForm 4 ↗
AES CORPGreater-than-10% holder2026-05-15D10,066,41400Derivative, Class A CommonForm 4 ↗
AES CORPGreater-than-10% holder2026-05-15D10,066,41421211,394,694CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Bernerd Da SantosPSU2025-02-2152,880105,760$559,999
Ricardo FalPSU2025-02-2149,57599,150524,999
Juan Ignacio RubioloPSU2025-02-21262,500525,0001,050,000196,928
Stephen CoughlinPSU2025-02-21315,000630,0001,260,000236,313
Juan Ignacio RubioloRSU2025-02-2142,493450,001
Stephen CoughlinPSU2025-02-2159,490118,980629,999
Juan Ignacio RubioloPSU2025-02-2149,57599,150524,999
Bernerd Da SantosRSU2025-02-2145,326480,002
Bernerd Da SantosPSU2025-02-21280,000560,0001,120,000210,056
Stephen CoughlinRSU2025-02-2150,992540,005
Ricardo FalPSU2025-02-21262,500525,0001,050,000196,928
Ricardo FalRSU2025-02-2142,493450,001
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Bernerd Da Santos$480,002$770,055$061.6%
Ricardo Fal450,001721,927061.6%
Juan Ignacio Rubiolo450,001721,927061.6%
Stephen Coughlin540,005866,312061.6%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Bernerd Da SantosPSU175,760$2,520,398
Bernerd Da SantosRSU560,0008,030,399
Stephen CoughlinRSU77,5011,111,364
Bernerd Da SantosRSU69,599998,050
Andrés GluskiPSU1,145,39816,425,007
Andrés GluskiRSU3,649,27052,330,531
Stephen CoughlinRSU630,0009,034,197
Stephen CoughlinPSU197,7302,835,448
Andrés GluskiRSU157,7532,262,178
Juan Ignacio RubioloRSU73,7031,056,901
Juan Ignacio RubioloRSU525,0007,528,500
Juan Ignacio RubioloPSU164,7762,362,888
05

Incentive-plan design — the Compensation Discussion & Analysis

Our philosophy is to provide compensation opportunities within a competitive range of the 50th percentile of survey data specific to our revenue size and scope of operations. We design our incentive plans to pay for performance with additional compensation paid when performance exceeds expectations.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantMeridian Compensation Partners
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-29475,793,62620,179,5861,400,65295.93%Passed
20252025-05-09487,583,32787,033,9551,800,93484.85%Passed
20242024-04-25593,427,75322,330,802803,18896.25%Passed
20232023-04-20562,463,36619,431,0041,962,08196.34%Passed
20222022-04-21549,500,56823,881,8576,407,16294.78%Passed
20212021-04-22553,316,83521,769,7763,145,20195.69%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-04-2995.93%a
20252025-05-0984.85%b
20242024-04-2596.25%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “In tabulating the voting results for any particular proposal, abstentions have the same effect as votes against the matter (except in the case of director elections in which abstentions have no effect).”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)120 : 1
CEO total compensation$9,153,896
Median employee compensation$76,082
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
John B. Morse, JrIndependent · Board Chair · Lead Independent Director · Ex-officio member of all committees (non-voting) · Not standing for re-election$0$465,500
Holly K. KoeppelIndependent · Financial Audit (Chair) · Finance0300,000
Gerard M. AndersonIndependent · Governance (Chair) · Finance · Financial Audit0295,000
Janet G. DavidsonIndependent · Innovation and Technology (Chair) · Compensation · Financial Audit0295,000
Teresa M. SebastianIndependent · Financial Audit · Governance (Chair) · Finance0295,000
Inderpal S. BhandariIndependent · Financial Audit · Innovation and Technology0275,000
Moisés NaímIndependent · Compensation · Governance · Innovation and Technology0275,000
Julie M. LaulisIndependent · Compensation · Governance0275,000
Maura ShaughnessyIndependent · Financial Audit · Compensation · Finance0275,000
Andrés R. GluskiEmployee director · Innovation and Technology00000
Alain MoniIndependent · Compensation (Chair) · Innovation and Technology0
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)125,000 / 120,000 / 120,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$0
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$0

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Aes Corp names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Aes Corp.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1NextEra Energy Inc.2025Rebecca Kujawa$514,800$19,888,215$5,126,242$0$26,105,632
2Aes Corp2025Andrés Gluski1,241,0005,019,11702,568,8709,153,896
3Clearway Energy, Inc.2025Craig Cornelius02,899,181002,899,181

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Aes Corpnot disclosednot disclosednot disclosedMeridian Compensation Partners
Clearway Energy, Inc.123%PSU 67 · RSU 33Yes — Relative TSRPay Governance
NextEra Energy Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Andrés GluskiDEF 14A2026-03-200000874761-26-000070Section “2025 Summary Compensation Table” · page 58. As printed: 9,153,896. Filing ↗machine: t103 · span 799934–799943
2Section 01, Juan Ignacio RubioloDEF 14A2026-03-200000874761-26-000070Section “2025 Summary Compensation Table” · page 58. As printed: 3,323,332. Filing ↗machine: t103 · r16 · c12 · span 815646–815655
3Section 01, Stephen CoughlinDEF 14A2026-03-200000874761-26-000070Section “2025 Summary Compensation Table” · page 58. As printed: 3,155,414. Filing ↗machine: t103 · r10 · c12 · span 807761–807770
4Section 01, Bernerd Da SantosDEF 14A2026-03-200000874761-26-000070Section “Summary Compensation Table”. As printed: 2,980,129. Filing ↗machine: t103 · r22 · c12 · span 823229–823238
5Section 01, Ricardo FalDEF 14A2026-03-200000874761-26-000070Section “2025 Summary Compensation Table” · page 58. As printed: 2,704,604. Filing ↗machine: t103 · span 830933–830942
6Section 03, Bernerd Da Santos PSUDEF 14A2026-03-200000874761-26-000070Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t93 · r6 · c2 · span 727541–727548
7Section 03, Ricardo Fal PSUDEF 14A2026-03-200000874761-26-000070Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t93 · span 730087–730094
8Section 03, Juan Ignacio Rubiolo PSUDEF 14A2026-03-200000874761-26-000070Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r13 · c3 · span 920700–920707
9Section 03, Stephen Coughlin PSUDEF 14A2026-03-200000874761-26-000070Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r9 · c3 · span 917625–917632
10Section 03, Juan Ignacio Rubiolo RSUDEF 14A2026-03-200000874761-26-000070Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t93 · r5 · c8 · span 726191–726198
11Section 03, Stephen Coughlin PSUDEF 14A2026-03-200000874761-26-000070Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t93 · r4 · c2 · span 722643–722650
12Section 03, Juan Ignacio Rubiolo PSUDEF 14A2026-03-200000874761-26-000070Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t93 · r5 · c2 · span 725091–725098
13Section 03, Bernerd Da Santos RSUDEF 14A2026-03-200000874761-26-000070Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t93 · r6 · c8 · span 728641–728648
14Section 03, Bernerd Da Santos PSUDEF 14A2026-03-200000874761-26-000070Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r17 · c3 · span 923648–923655
15Section 03, Stephen Coughlin RSUDEF 14A2026-03-200000874761-26-000070Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t93 · r4 · c8 · span 723743–723750
16Section 03, Ricardo Fal PSUDEF 14A2026-03-200000874761-26-000070Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t93 · span 730733–730740
17Section 03, Ricardo Fal RSUDEF 14A2026-03-200000874761-26-000070Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t93 · span 731379–731386
18Section 07, pay ratioDEF 14A2026-03-200000874761-26-000070Section “CEO Pay Ratio”. As printed: 120 : 1. Filing ↗machine: span 1068829–1068834
19Section 08, John B. Morse, JrDEF 14A2026-03-200000874761-26-000070Section “Director Compensation”. As printed: 465,500. Filing ↗machine: t61 · r11 · c4 · span 512777–512783
20Section 08, Holly K. KoeppelDEF 14A2026-03-200000874761-26-000070Section “Director Compensation”. As printed: 300,000. Filing ↗machine: t61 · r7 · c4 · span 508822–508828
21Section 08, Gerard M. AndersonDEF 14A2026-03-200000874761-26-000070Section “Director Compensation”. As printed: 295,000. Filing ↗machine: t61 · r2 · c4 · span 504683–504689
22Section 08, Janet G. DavidsonDEF 14A2026-03-200000874761-26-000070Section “Director Compensation”. As printed: 295,000. Filing ↗machine: t61 · r5 · c4 · span 507320–507326
23Section 08, Teresa M. SebastianDEF 14A2026-03-200000874761-26-000070Section “Director Compensation”. As printed: 295,000. Filing ↗machine: t61 · r14 · c4 · span 515343–515349
24Section 08, Inderpal S. BhandariDEF 14A2026-03-200000874761-26-000070Section “Director Compensation”. As printed: 275,000. Filing ↗machine: t61 · r4 · c4 · span 505911–505917
25Section 08, Moisés NaímDEF 14A2026-03-200000874761-26-000070Section “Director Compensation”. As printed: 275,000. Filing ↗
26Section 08, Julie M. LaulisDEF 14A2026-03-200000874761-26-000070Section “Director Compensation”. As printed: 275,000. Filing ↗machine: t61 · r9 · c4 · span 510045–510051
27Section 08, Maura ShaughnessyDEF 14A2026-03-200000874761-26-000070Section “Director Compensation”. As printed: 275,000. Filing ↗machine: t61 · r15 · c4 · span 516523–516529
28Section 08, Andrés R. GluskiDEF 14A2026-03-200000874761-26-000070Section “Director Compensation”. As printed: 0. Filing ↗
29Section 08, Alain MoniDEF 14A2026-03-200000874761-26-000070Section “Director Compensation”. As printed: —. Filing ↗
30Section 02, Stephen Coughlin 2026-04-23Form 42026-04-240000874761-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Juan Ignacio Rubiolo 2026-04-23Form 42026-04-240000874761-26-000081Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Tish Mendoza 2026-04-23Form 42026-04-240000874761-26-000087Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Paul L. Freedman 2026-04-23Form 42026-04-240000874761-26-000085Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Moises Naim 2026-04-29Form 42026-05-010000874761-26-000114Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Julie M. Laulis 2026-04-29Form 42026-05-010000874761-26-000110Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Holly K. Koeppel 2026-04-29Form 42026-05-010000874761-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Janet G. Davidson 2026-04-29Form 42026-05-010000874761-26-000106Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Inderpal S. Bhandari 2026-04-29Form 42026-05-010000874761-26-000104Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Gerard M. Anderson 2026-04-29Form 42026-05-010000874761-26-000102Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Gerard M. Anderson 2026-04-29Form 42026-05-010000874761-26-000102Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Alain Monie 2026-04-29Form 42026-05-010000874761-26-000112Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Janet G. Davidson 2026-04-29Form 42026-05-010000874761-26-000106Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Moises Naim 2026-04-29Form 42026-05-010000874761-26-000114Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Teresa M. Sebastian 2026-04-29Form 42026-05-010000874761-26-000116Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, AES CORP 2026-05-15Form 42026-05-190000950103-26-007429Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, AES CORP 2026-05-15Form 42026-05-190000950103-26-007429Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, AES CORP 2026-05-15Form 42026-05-190000950103-26-007429Insider equity transaction reported since the proxy statement. Filing ↗
48Section 06, 2026 voteForm 8-K2026-04-300000874761-26-000100Item 5.07 · say-on-pay result. As reported: 95.93% (votes for as printed: 475,793,626). Filing ↗
49Section 06, 2025 voteForm 8-K2025-05-090000874761-25-000054Item 5.07 · say-on-pay result. As reported: 84.85% (votes for as printed: 487,583,327). Filing ↗
50Section 06, 2024 voteForm 8-K2024-04-260000874761-24-000030Item 5.07 · say-on-pay result. As reported: 96.25% (votes for as printed: 593,427,753). Filing ↗
51Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
52Section 09b board cost (computed)ComputedcomputedCash 0 + equity 0 + all other 0 = 0, summed across the director compensation table rows.machine: formula: Σ = 0
53NextEra Energy Inc., Section 10b CEO totalDEF 14A2026-04-010001104659-26-038551CEO total compensation as printed in NextEra Energy Inc.'s own proxy. As printed: 26,105,632. Filing ↗
54Aes Corp (subject), Section 10b CEO totalDEF 14A2026-03-200000874761-26-000070CEO total compensation as printed in Aes Corp's own proxy. As printed: 9,153,896. Filing ↗machine: t103 · span 799934–799943
55Clearway Energy, Inc., Section 10b CEO totalDEF 14A2026-03-240001104659-26-033918CEO total compensation as printed in Clearway Energy, Inc.'s own proxy. As printed: 2,899,181. Filing ↗machine: r1 · c53 · span 1183724–1183733
56Section 10a, Clearway Energy, Inc. reciprocityDEF 14A0001104659-26-033918Clearway Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include Aes Corp. Filing ↗
57Section 10a, NextEra Energy Inc. reciprocityDEF 14A0001104659-26-038551NextEra Energy Inc.'s most recent proxy was read; its disclosed peer group does not include Aes Corp. Filing ↗