Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-22

Marsh & McLennan Companies, Inc. (MRSH)

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.

$25,051,051
John Doyle total, FY2025
44th
CEO pay percentile vs peers
263.7:1
CEO-to-median pay ratio
88.05%
Say-on-pay support, latest vote
Companies that benchmark against MRSH
16 companies name MRSH as a compensation peer

Each company listed discloses MRSH 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 MRSH 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
John Doyle$1,500,000$0$9,209,469$8,375,020$5,550,000$0$416,562$25,051,051
President and Chief Executive Officer
Mark McGivney1,000,00001,979,4991,800,0523,100,00053,579190,5198,123,648
Senior Vice President and Chief Financial Officer
Martin South1,000,00001,759,4421,600,0083,500,0000141,5448,000,994
President and Chief Executive Officer, Marsh Risk and Vice Chair, Marsh
Dean Klisura875,00001,099,7781,000,0483,300,000102,559143,2116,520,596
President and Chief Executive Officer, Guy Carpenter and Vice Chair, Marsh
Patrick Tomlinson900,00001,264,6311,150,0522,700,0006,731154,0086,175,422
President and Chief Executive Officer, Mercer and Vice Chair, Marsh

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
John Doyle$25,051,051$22,807,539$19,054,956+2,243,512
Mark McGivney8,123,6487,959,6147,323,715+164,034
Martin South8,000,9948,277,6857,788,807−276,691
Dean Klisura6,520,5966,591,1396,176,161−70,543
Patrick Tomlinson6,175,4227,356,059−1,180,637

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

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Patrick TomlinsonPSU2025-02-184,9949,988$1,264,631
John DoyleOPTION2025-02-18146,1128,375,020
Martin SouthOPTION2025-02-1827,9141,600,008
Dean KlisuraOPTION2025-02-1817,4471,000,048
John DoylePSU2025-02-1836,36872,7369,209,469
Martin SouthPSU2025-02-186,94813,8961,759,442
Mark McGivneyPSU2025-02-187,81715,6341,979,499
Mark McGivneyOPTION2025-02-1831,4041,800,052
Patrick TomlinsonOPTION2025-02-1820,0641,150,052
Dean KlisuraPSU2025-02-184,3438,6861,099,778
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Patrick Tomlinson$0$1,264,631$1,150,05252.4%
John Doyle09,209,4698,375,02052.4%
Martin South01,759,4421,600,00852.4%
Dean Klisura01,099,7781,000,04852.4%
Mark McGivney01,979,4991,800,05252.4%

% 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
Martin SouthOption16,102164.15
Patrick TomlinsonOption1,790164.15
Martin SouthOption9,960151.37
Dean KlisuraOption5,976151.37
John DoyleOption103,548200.47
Mark McGivneyOption31,404230.29
Martin SouthOption21,087200.47
Martin SouthOption27,914230.29
Patrick TomlinsonRSU610113,167
Mark McGivneyOption25,982200.47
John DoylePSU68,59012,724,817
Mark McGivneyPSU17,2103,192,799
Martin SouthPSU13,9682,591,343
Mark McGivneyPSU7,8171,450,210
Patrick TomlinsonRSU4,854900,514
Mark McGivneyOption19,978164.15
Dean KlisuraOption17,447230.29
Patrick TomlinsonPSU1,828339,131
Patrick TomlinsonOption16,569200.47
Dean KlisuraOption13,556200.47
Patrick TomlinsonOption996151.37
Patrick TomlinsonPSU10,9762,036,268
Patrick TomlinsonOption20,064230.29
John DoyleOption146,112230.29
Dean KlisuraPSU10,6621,978,014
John DoylePSU36,3686,746,991
Dean KlisuraPSU8,9801,665,970
Dean KlisuraPSU4,343805,713
John DoyleOption15,935151.37
John DoyleOption66,194164.15
John DoylePSU67,62412,545,604
Mark McGivneyPSU20,4103,786,463
Martin SouthPSU16,4503,051,804
Martin SouthPSU6,9481,288,993
Patrick TomlinsonPSU4,994926,487
Mark McGivneyOption12,947151.37
Dean KlisuraOption10,436164.15
Patrick TomlinsonRSU1,228227,819
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is governed by four principles: Aligning with stockholder value creation with a focus on balancing risk and reward in compensation programs, policies and practices; Supporting a strong performance culture through short-term and long-term variable compensation, with the ability to differentiate among individuals based upon actual results; Setting target compensation at competitive levels in markets where we operate with flexibility to recognize different business models and markets for talent; Maximizing colleagues' perceived value of our programs through transparent processes and communication.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantIndependent compensation consulting firm (name not disclosed)
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-21362,069,91347,108,1502,053,49688.05%Passed
20252025-05-15375,565,93838,726,601541,91090.53%Passed
20242024-05-16390,338,23729,587,334926,92692.75%Passed
20232023-05-18276,367,550144,272,9803,602,88765.14%Passed
20222022-05-19400,876,60424,990,693775,16793.96%Passed
20212021-05-20411,633,80921,033,240783,09194.97%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
20262026-05-2188.05%a
20252025-05-1590.53%b
20242024-05-1692.75%c

a. Approved under the standard stated in the filing — “Abstentions have the effect of a vote "against" each of the proposals.”.

b. Approved under the standard stated in the filing — “Abstentions have the effect of a vote "against" each of the proposals.”.

c. Approved under the standard stated in the filing — “Abstentions have the effect of a vote "against" each of the proposals.”.

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)263.7 : 1
CEO total compensation$25,051,051
Median employee compensation$95,000
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
H. Edward HanwayIndependent · Board Chair · Business Responsibility · Compensation · Directors and Governance · Executive (Chair) · Finance$342,500$215,000$0$557,500
Anthony K. AndersonIndependent · Audit (Chair) · Business Responsibility175,000215,0000390,000
Steven A. MillsIndependent · Compensation (Chair) · Directors and Governance · Executive167,500215,0000382,500
Deborah C. HopkinsIndependent · Directors and Governance · Executive · Finance (Chair)162,500215,0000377,500
Morton O. SchapiroIndependent · Compensation · Directors and Governance (Chair) · Executive162,500215,0000377,500
Tamara IngramIndependent · Business Responsibility (Chair) · Compensation152,500215,0000367,500
Lloyd M. YatesIndependent · Compensation · Finance152,500215,0000367,500
Jane H. LuteIndependent · Audit · Business Responsibility35,625215,0000106,875357,500
Jan SiegmundIndependent · Audit · Finance142,500215,0000357,500
Judith HartmannIndependent · Audit · Business Responsibility · Finance142,500215,0000357,500
Oscar FanjulIndependent · Not standing for re-election · Departed during FY70,394070,394
Bruce BroussardIndependent · Audit · Partial-year service · Newly elected51,223051,223
Peter HarrisonIndependent · Compensation · Finance · Partial-year service · Newly elected00000
John Q. DoyleEmployee director · Executive · Finance00000
09

Board fee structure and ownership guideline

Annual cash retainer$140,000
Annual equity retainer$200,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 25,000 / 20,000
Stock ownership guideline5x basic annual retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,757,242
Equity awards (grant-date value)$2,150,000
All other compensation$106,875
Total cost of the board$4,014,117

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 Marsh & McLennan Companies, Inc. 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 Marsh & McLennan Companies, Inc..

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
1Aon plc2025Gregory Case$1,500,000$68,769,941$0$2,437,500$73,742,639
2Chubb Limited2025Evan Greenberg1,600,00018,850,128033,180,582
3American International Group, Inc.2025Peter Zaffino1,500,00014,084,8554,374,99412,000,00032,460,049
4Accenture plc2025Julie Sweet1,550,00022,876,23204,500,00029,641,903
5The Travelers Companies, Inc.2025Alan Schnitzer1,450,0009,417,3646,100,0569,000,00026,968,756
6Marsh & McLennan Companies, Inc.2025John Doyle1,500,0009,209,4698,375,0205,550,00025,051,051
7Arthur J. Gallagher & Co.2025Pat Gallagher1,500,0006,579,5132,233,3827,950,00020,745,060
8Automatic Data Processing, Inc.2025Maria Black1,224,00014,791,04002,621,80019,137,192
9S&P Global Inc.2025Martina Cheung1,000,0008,978,04102,445,30012,831,062
10Willis Towers Watson plc2025Carl Hess1,000,0009,182,1852,384,00012,793,605

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
Marsh & McLennan Companies, Inc.not disclosedPSU 50 · Options 50Yes — Relative TSR versus S&P 500 constituentsIndependent compensation consulting firm (name not disclosed)
Accenture plcnot disclosedPSU 73 · RSU 27NoPay Governance LLC
American International Group, Inc.186%PSU 75 · Options 25NoPay Governance
Aon plc100%PSU 100NoMeridian Compensation Partners, LLC
Arthur J. Gallagher & Co.200%PSU 75 · Options 25NoPearl Meyer
Automatic Data Processing, Inc.107.1%PSU 75 · RSU 25NoFW Cook
Chubb Limitednot disclosedPSU 100NoFarient Advisors LLC
S&P Global Inc.108.68%PSU 70 · RSU 30NoPay Governance
The Travelers Companies, Inc.not disclosedPSU 60 · Options 40NoFW Cook
Willis Towers Watson plc119.2%PSU 75 · RSU 25NoNot 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.

FAQ

Frequently asked questions

Who was the highest-paid executive at Marsh & McLennan Companies, Inc. in fiscal 2025?
As disclosed, the highest-paid executive was John Doyle, President and Chief Executive Officer, with total compensation of $25,051,051.
How does Marsh & McLennan Companies, Inc.'s chief executive pay compare to its disclosed peer group?
The filing shows the CEO's pay was at the 44th percentile of the disclosed peer group.
What is Marsh & McLennan Companies, Inc.'s CEO-to-median employee pay ratio?
The company reported a CEO-to-median employee pay ratio of 263.7:1.
How did shareholders vote on Marsh & McLennan Companies, Inc.'s executive compensation?
Shareholders voted 88.05% in support of the latest executive compensation plan.
How much does Marsh & McLennan Companies, Inc. spend in total on board compensation for fiscal 2025?
Total board compensation for fiscal 2025 was $4,014,117.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

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, John DoyleDEF 14A2026-03-310001193125-26-133303Section “2025 Summary Compensation Table”. As printed: 25,051,051. Filing ↗machine: r4 · c35 · span 942007–942017
2Section 01, Mark McGivneyDEF 14A2026-03-310001193125-26-133303Section “2025 Summary Compensation Table”. As printed: 8,123,648. Filing ↗machine: r8 · c35 · span 952817–952826
3Section 01, Martin SouthDEF 14A2026-03-310001193125-26-133303Section “2025 Summary Compensation Table”. As printed: 8,000,994. Filing ↗machine: r12 · c35 · span 963584–963593
4Section 01, Dean KlisuraDEF 14A2026-03-310001193125-26-133303Section “2025 Summary Compensation Table”. As printed: 6,520,596. Filing ↗machine: r19 · c35 · span 981424–981433
5Section 01, Patrick TomlinsonDEF 14A2026-03-310001193125-26-133303Section “2025 Summary Compensation Table”. As printed: 6,175,422. Filing ↗machine: r16 · c35 · span 973883–973892
6Section 03, Patrick Tomlinson PSUDEF 14A2026-03-310001193125-26-133303Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t149 · r16 · c15 · span 972249–972258
7Section 03, John Doyle OPTIONDEF 14A2026-03-310001193125-26-133303Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t149 · r4 · c19 · span 940661–940670
8Section 03, Martin South OPTIONDEF 14A2026-03-310001193125-26-133303Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t149 · r12 · c19 · span 962238–962247
9Section 03, Dean Klisura OPTIONDEF 14A2026-03-310001193125-26-133303Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t149 · r19 · c19 · span 980116–980125
10Section 03, John Doyle PSUDEF 14A2026-03-310001193125-26-133303Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t149 · r4 · c15 · span 940333–940342
11Section 03, Martin South PSUDEF 14A2026-03-310001193125-26-133303Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t149 · r12 · c15 · span 961910–961919
12Section 03, Mark McGivney PSUDEF 14A2026-03-310001193125-26-133303Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t149 · r8 · c15 · span 951182–951191
13Section 03, Mark McGivney OPTIONDEF 14A2026-03-310001193125-26-133303Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t149 · r8 · c19 · span 951510–951519
14Section 03, Patrick Tomlinson OPTIONDEF 14A2026-03-310001193125-26-133303Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t149 · r16 · c19 · span 972577–972586
15Section 03, Dean Klisura PSUDEF 14A2026-03-310001193125-26-133303Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t149 · r19 · c15 · span 979788–979797
16Section 07, pay ratioDEF 14A2026-03-310001193125-26-133303Section “CEO Pay Ratio”. As printed: 263.7 : 1. Filing ↗machine: span 67395–67401
17Section 08, H. Edward HanwayDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 557,500. Filing ↗machine: t237 · r10 · c15 · span 1865729–1865736
18Section 08, Anthony K. AndersonDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 390,000. Filing ↗machine: t237 · r4 · c15 · span 1859149–1859156
19Section 08, Steven A. MillsDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 382,500. Filing ↗machine: t237 · r20 · c15 · span 1876507–1876514
20Section 08, Deborah C. HopkinsDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 377,500. Filing ↗machine: t237 · r14 · c15 · span 1870014–1870021
21Section 08, Morton O. SchapiroDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 377,500. Filing ↗machine: t237 · r22 · c15 · span 1878626–1878633
22Section 08, Tamara IngramDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 367,500. Filing ↗machine: t237 · r16 · c15 · span 1872178–1872185
23Section 08, Lloyd M. YatesDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 367,500. Filing ↗machine: t237 · r26 · c15 · span 1882901–1882908
24Section 08, Jane H. LuteDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 357,500. Filing ↗machine: t237 · r18 · c15 · span 1874344–1874351
25Section 08, Jan SiegmundDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 357,500. Filing ↗machine: t237 · r24 · c15 · span 1880789–1880796
26Section 08, Judith HartmannDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 357,500. Filing ↗machine: t237 · r12 · c15 · span 1867895–1867902
27Section 08, Oscar FanjulDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 70,394. Filing ↗machine: t237 · r8 · c3 · span 1862362–1862368
28Section 08, Bruce BroussardDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 51,223. Filing ↗machine: t237 · r6 · c3 · span 1860107–1860113
29Section 08, Peter HarrisonDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 0. Filing ↗
30Section 08, John Q. DoyleDEF 14A2026-03-310001193125-26-133303Section “Director Compensation”. As printed: 0. Filing ↗
31Section 06, 2026 voteForm 8-K2026-05-220000062709-26-000128Item 5.07 · say-on-pay result. As reported: 88.05% (votes for as printed: 362,069,913). Filing ↗
32Section 06, 2025 voteForm 8-K2025-05-190000950103-25-006177Item 5.07 · say-on-pay result. As reported: 90.53% (votes for as printed: 375,565,938). Filing ↗
33Section 06, 2024 voteForm 8-K2024-05-170000062709-24-000044Item 5.07 · say-on-pay result. As reported: 92.75% (votes for as printed: 390,338,237). Filing ↗
34Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
35Section 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
36Section 09b board cost (computed)ComputedcomputedCash 1,757,242 + equity 2,150,000 + all other 106,875 = 4,014,117, summed across the director compensation table rows.machine: formula: Σ = 4,014,117
37Aon plc, Section 10b CEO totalDEF 14A2026-04-280001193125-26-187428CEO total compensation as printed in Aon plc's own proxy. As printed: 73,742,639. Filing ↗machine: t52 · r4 · c17 · span 1294068–1294078
38Chubb Limited, Section 10b CEO totalDEF 14A2026-04-030001104659-26-039513CEO total compensation as printed in Chubb Limited's own proxy. As printed: 33,180,582. Filing ↗machine: span 1543364–1543374
39American International Group, Inc., Section 10b CEO totalDEF 14A2026-03-310000005272-26-000039CEO total compensation as printed in American International Group, Inc.'s own proxy. As printed: 32,460,049. Filing ↗machine: r4 · c27 · span 1530030–1530040
40Accenture plc, Section 10b CEO totalDEF 14A2025-12-120001308179-25-000651CEO total compensation as printed in Accenture plc's own proxy. As printed: 29,641,903. Filing ↗machine: t149 · r4 · c23 · span 1117150–1117161
41The Travelers Companies, Inc., Section 10b CEO totalDEF 14A2026-04-070000086312-26-000103CEO total compensation as printed in The Travelers Companies, Inc.'s own proxy. As printed: 26,968,756. Filing ↗machine: r2 · c9 · span 2959229–2959239
42Marsh & McLennan Companies, Inc. (subject), Section 10b CEO totalDEF 14A2026-03-310001193125-26-133303CEO total compensation as printed in Marsh & McLennan Companies, Inc.'s own proxy. As printed: 25,051,051. Filing ↗machine: r4 · c35 · span 942007–942017
43Arthur J. Gallagher & Co., Section 10b CEO totalDEF 14A2026-03-230000354190-26-000101CEO total compensation as printed in Arthur J. Gallagher & Co.'s own proxy. As printed: 20,745,060. Filing ↗machine: r12 · c9 · span 1614689–1614699
44Automatic Data Processing, Inc., Section 10b CEO totalDEF 14A2025-09-250001308179-25-000607CEO total compensation as printed in Automatic Data Processing, Inc.'s own proxy. As printed: 19,137,192. Filing ↗machine: r2 · c18 · span 1170576–1170587
45S&P Global Inc., Section 10b CEO totalDEF 14A2026-03-310001104659-26-037380CEO total compensation as printed in S&P Global Inc.'s own proxy. As printed: 12,831,062. Filing ↗machine: span 1311049–1311059
46Willis Towers Watson plc, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127613CEO total compensation as printed in Willis Towers Watson plc's own proxy. As printed: 12,793,605. Filing ↗machine: r3 · c8 · span 2988983–2988993
47Section 10a, Accenture plc reciprocityDEF 14A0001308179-25-000651Accenture plc's most recent proxy was read; its disclosed peer group does not include Marsh & McLennan Companies, Inc.. Filing ↗
48Section 10a, The Travelers Companies, Inc. reciprocityDEF 14A0000086312-26-000103The Travelers Companies, Inc. names Marsh & McLennan Companies, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, American International Group, Inc. reciprocityDEF 14A0000005272-26-000039American International Group, Inc. names Marsh & McLennan Companies, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Arthur J. Gallagher & Co. reciprocityDEF 14A0000354190-26-000101Arthur J. Gallagher & Co. names Marsh & McLennan Companies, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, S&P Global Inc. reciprocityDEF 14A0001104659-26-037380S&P Global Inc.'s most recent proxy was read; its disclosed peer group does not include Marsh & McLennan Companies, Inc.. Filing ↗
52Section 10a, Aon plc reciprocityDEF 14A0001193125-26-187428Aon plc names Marsh & McLennan Companies, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, Automatic Data Processing, Inc. reciprocityDEF 14A0001308179-25-000607Automatic Data Processing, Inc. names Marsh & McLennan Companies, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
54Section 10a, Chubb Limited reciprocityDEF 14A0001104659-26-039513Chubb Limited names Marsh & McLennan Companies, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗