Legg Mason investors approve election of directors, executive compensation

Legg Mason shareholders voted to approve a $4.9 million pay package for Chairman and CEO Mark R. Fetting at the Baltimore-based investment firm's annual meeting Tuesday morning.

Fetting's compensation package was $1 million less than the package approved at last year's meeting. Compensation for four other executives was approved in amounts ranging from $1.8 million to $3.5 million.

The shareholder's approval of the compensation packages was advisory and nonbinding. Shareholder guidance group Glass, Lewis & Co. had recommended that stockholders support the compensation packages, which it said are similar to Legg Mason's peers.

During the 30-minute meeting at Legg Mason's headquarters in Harbor East, Robert E. Angelica, Barry W. Huff, John E. Koerner III and Cheryl Gordon Krongard were all re-elected to serve on the company's board of directors.

The four will serve until the 2014 shareholder meeting. Last year, shareholders voted to amend Legg Mason's corporate charter to elect all directors annually beginning in 2014.

The final order of business at the meeting was ratification of the appointment of PricewaterhouseCoopers LLP as Legg Mason's auditor for fiscal 2013. The accounting firm has served as the company's auditor for at least 14 years.

Legg Mason expects to release its earnings statements for the first quarters of the current fiscal year on Friday, the company announced at the meeting.

For fiscal 2012, which ended March 31, Legg's net income was down more than $30 million — about 13 percent — from last year to just under $221 million. Revenue declined about 4 percent, to $2.66 billion, from $2.78 billion for fiscal 2011.

As of June 30, the investment firm managed $631.8 billion in assets, it announced Monday. That's down from $662.5 million a year earlier