Voya 2013 Annual Report Download - page 435

Surveys and Competitive Data
As part of its 2013 compensation review, the Committee also considered compensation data provided by a
number of surveys and sources to determine the relative competitiveness of compensation programs as well as
competitive levels of pay. These surveys included a diversified study of executive compensation in the insurance
industry prepared by Towers Watson (which we refer to as the “Towers Watson Survey”) and a survey of
investment management companies prepared by McLagan. For purposes of the McLagan survey, we used the
following group of investment and asset management companies (which we refer to in this CD&A as the “IM
Comparison Group”):
• AEGON USA, LLC
• American Century Investments
• Babson Capital Management LLC
• Columbia Management Investment Advisers,
LLC
• Conning Holdings Corp.
• Delaware Investments
• Eaton Vance Investment Managers
• Janus Capital Group
• Jennison Associates, LLC
• Loomis, Sayles & Company, L.P.
• MFS Investment Management
• Morgan Stanley Investment Management
• New York Life Investment Management
LLC
• Nuveen Investments
• Old Mutual Asset Management
• Oppenheimer Funds, Inc.
• Principal Global Investors
• Putnam Investments
• Trust Company of the West
2013 Compensation
Base Salary
Base salary is an essential element of each NEO’s compensation package. With the exception of
Mr. Becker, our NEOs’ base salaries for 2013 were established prior to our IPO, having been recommended by
our Board of Directors and then approved by the ING Group Supervisory Board. Although Mr. Becker’s base
salary for 2013 was initially determined in the same manner, as described below, this amount was reviewed and
increased following our IPO.
In the case of Mr. Martin, base salary for 2013 was set forth in his employment agreement. The base salary
for our other NEOs was established after considering several factors, including the NEO’s experience, the NEO’s
2012 performance, the NEO’s 2012 base salary and the competitiveness of that base salary as compared to
internal peers and similarly situated executives at companies that compete with us for executive talent. In the
case of Mr. Karaoglan, Mr. Steenbergen, and Ms. Beams, this included consideration of executive compensation
paid by certain companies included in the Comparison Group, and a review of the Towers Watson Survey.
Following our IPO, our Compensation and Benefits Committee reviewed each NEO’s base salary and, in the case
of Mr. Becker, increased base salary for 2013. This increase was made after review of Mr. Becker’s total
incentive opportunity as compared to similarly situated executives in the IM Comparison Group, with a view to
increasing Mr. Becker’s total target compensation to be closer to the median for such group.
Further information regarding the salary of Mr. Steenbergen, a citizen of the Netherlands, who was on a
long-term international assignment with the Company in the U.S. from January 1, 2010 until his transition to
local employee status (his “localization”) on April 1, 2013, is provided below under “—Expatriate Arrangements
and Localization of Mr. Steenbergen”.
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