BlackRock Inc.'s annual proxy statement devotes more than 50 pages to executive pay. How many of those are useful in understanding why Chief Executive Officer Larry Fink was compensated to the tune of $37 million for 2024? Not enough. The asset manager's latest remuneration report has heightened significance because BlackRock's shareholders delivered a rare and large protest vote against its pay framework at last year's annual meeting. That followed recommendations ... to withhold support for the so-called say-on-pay motion. In the wake of the rebuke, a board committee responsible for pay and perks took to the phones and hit the road to hear shareholders' gripes. Investors wanted more explanation of how the committee members used their considerable discretion in arriving at awards. There was also an aversion to one-time bonuses absent tough conditions. Incentive pay is 50% tied to BlackRock's financial performance, with the remainder split equally between objectives for "business strength" and "organizational strength." That financial piece was previously described using a non-exhaustive list of seven financial metrics. Now there are eight, gathered under three priorities: "drive shareholder value creation," "accelerate organic revenue growth" and "enhance operating leverage." There's no weighting given to the three financial priorities. The pay committee says Fink "far exceeded" expectations, but those expectations weren't quantified.