Voya 2013 Annual Report Download - page 440

significantly contributed to the development and communication of the Voya Financial story with key
investors, regulators, research analysts and rating agencies. As a result of his efforts, we were able to
complete our IPO in May and a secondary offering in October, thereby reducing ING Group’s
ownership to approximately 57%.
• We had strong stock performance in 2013, with our stock price increasing approximately 80% between
our initial public offering and the end of the year.
• Mr. Steenbergen led the achievement of meaningful business and strategic targets during 2013, which
included significant capital management projects, the establishment of a high quality U.S. GAAP
reporting function next to simultaneous IFRS reporting and insurance statutory reporting, the
redomestication of SLDI, and the completion of the Voya Financial recapitalization plan, which
included a $600 million primary equity offering in May; three debt offerings (with an aggregate
principal amount of $2.15 billion); and the restoration of ordinary dividend capacity in our four
principal insurance operating subsidiaries.
Ms. Beams met or exceeded her key business objectives for 2013. The Committee considered the following
factors in assessing Ms. Beams’ performance, in her capacity as Chief Executive Officer of our Retirement
Solutions businesses:
• Under the leadership of Ms. Beams, the Retirement business outperformed our targets on key metrics
(including adjusted operating earnings, adjusted operating return on capital and distributable earnings).
These results were driven by increases in profitable sales, margin and capital efficiency efforts as well
as recordkeeping change orders. Recordkeeping retention, however, was somewhat below our targets,
although with minimal impact to 2013 earnings.
• Ms. Beams led the Annuities business to outperform on all key metrics (including adjusted operating
earnings, adjusted operating return on capital and distributable earnings), except with respect to the
lapse rate of one product which was slightly below our target.
• Ms. Beams also notably contributed to the achievement of key strategic objectives for the Company
during 2013, including continued rollout of our Retirement Readiness strategy and integrating cross-
organizational capabilities.
Mr. Becker exceeded his key business objectives for 2013. The Committee considered the following factors
in assessing Mr. Becker’s performance, in his capacity as Chief Executive Officer of our Investment
Management businesses:
• Under Mr. Becker’s leadership, Investment Management exceeded its targets and made important
strategic advances. These included driving enhanced coordination and cross business development with
Retirement and Insurance; leveraging the rebuilt and repositioned retirement, retail, and institutional
distribution organizations to achieve industry-level productivity; focusing and prioritizing of products
and strategies to achieve scale; significant margin expansion, retention and engagement with staff with
a focus on investment talent; and driving profitable growth and distributable earnings consistent with
growth objectives.
• Mr. Becker also led Investment Management to significant asset growth during 2013. The Institutional
and Retail Intermediary businesses had solid year-over-year growth in sales across products, with a
series of notable wins. The business continued to grow its capabilities in the area of 529 College
Savings Plans and Defined Contribution Investment Only mandates.
Following this assessment, the Compensation and Benefits Committee considered the total 2013
compensation package being proposed for each NEO, including long-term incentive amounts and the
amount of 2013 annual incentive amounts that would be subject to mandatory deferral as described above.
Following this review and assessment, the Compensation and Benefits Committee adjusted the annual
compensation amount payable to each NEO to between 100% and 167% of the preliminary payout
determined pursuant to Step 2, above.
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