Marsh & McLennan Boosts Dividend to $0.28 from $0.28 vs $0.28 est; Buyback Boosted to $2B
Marsh & McLennan Companies, Inc. (NYSE: MMC) today held its annual meeting of shareholders at which the Company announced that its Board of Directors voted to increase both the Company's quarterly cash dividend and share repurchase program.
The Board of Directors increased the quarterly cash dividend by 12% to $.28 per share on outstanding common stock. The dividend is payable on August 15, 2014 to shareholders of record on July 11, 2014.
The Board also authorized an increase in the Company's share repurchase program, allowing management to buy back up to $2 billion of the Company's common stock.
Marsh & McLennan Companies Independent Chairman of the Board Lord Lang of Monkton said: “Effective capital management allows Marsh & McLennan Companies to return cash to shareholders while investing in its businesses and its people. The Company is committed to delivering superior value to shareholders, as demonstrated by today's increase in the Company's quarterly dividend and share repurchase program.”
Marsh & McLennan Companies also announced that shareholders re-elected the entire slate of 2014 director nominees for a one-year term expiring at next year's annual meeting. They are: Oscar Fanjul, Daniel S. Glaser, H. Edward Hanway, Lord Lang, Elaine La Roche, Steven A. Mills, Bruce P. Nolop, Marc D. Oken, Morton O. Schapiro, Adele Simmons, Lloyd M. Yates, and R. David Yost.
In further business at the annual meeting, shareholders ratified the selection of Deloitte & Touche LLP as the Company's independent registered public accounting firm for 2014 and approved, by nonbinding vote, the compensation of the Company's named executive officers.
An audio webcast of the Marsh & McLennan Companies 2014 annual meeting can be accessed at www.mmc.com.
About Marsh & McLennan Companies
MARSH & McLENNAN COMPANIES (NYSE: MMC) is a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. Marsh is a global leader in insurance broking and risk management; Guy Carpenter is a global leader in providing risk and reinsurance intermediary services; Mercer is a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman is a global leader in management consulting. With annual revenue exceeding $12 billion, Marsh & McLennan Companies' 55,000 colleagues worldwide provide analysis, advice, and transactional capabilities to clients in more than 130 countries. The Company prides itself on being a responsible corporate citizen and making a positive impact in the communities in which it operates. Visit www.mmc.com for more information.
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