Lazard, Inc.
For the period ended Apr 7, 2026. Filed Apr 7, 2026.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Apr 7, 2026 · Filed Apr 7, 2026
Contents
Our CEO’s 2025 Compensation is Aligned with Lazard’s Performance
CEO’s 2025 Compensation is Aligned with Lazard’s Performance
We believe in pay for performance, and our compensation program is designed to align the interests of our senior executives
with those of our shareholders, support the retention of critical talent, and help achieve our Lazard 2030 goals.
For 2025, the Compensation Committee decided to award Mr. Orszag total compensation of $15 million, including a base
salary of $900,000, a cash bonus of $3.9 million, and a long-term incentive award of $10.2 million. The long-term incentive
award was delivered 50% in TSR-PIPRs and 50% in PIPRs, which further aligns his interests with those of our shareholders.
In setting Mr. Orszag’s total compensation—which was flat relative to 2024 and below the midpoint of the 2025 compensation
reference range, as developed by our independent compensation consultant (see How We Use Compensation Peer Group
and Other Information for further details)—the Compensation Committee considered and weighed a range of different factors.
Since Mr. Orszag became CEO in October 2023, the firm has made tremendous progress. We are more than on pace to
achieve our Lazard 2030 goals, and under Mr. Orszag’s leadership we are continuing to build a solid foundation for
sustainable future growth. The Compensation Committee considered the following specific examples of Mr. Orszag’s
accomplishments in determining his 2025 compensation:
Financial performance improved vs. 2024, with adjusted net revenue increasing 5% and adjusted EPS increasing 4%
Lazard has created significant shareholder value over Mr. Orszag’s tenure as CEO with total shareholder return of 74%
through the end of 2025, outpacing the S&P 1500, which returned 62% over the same period
Efforts to transform the Financial Advisory and Asset Management businesses over the past two years are gaining traction
and delivering results, with Mr. Orszag actively engaged in recruiting top talent to both businesses, including new leadership
in our asset management business and senior bankers in the advisory business
Financial Advisory is ahead of its 2030 targets and delivered record revenue in 2025, hired 21 MDs, and achieved
revenue per MD of $8.9 million, an improvement from $6.4 million at the beginning of Mr. Orszag’s tenure as CEO
in 2023
Asset Management achieved record gross inflows, increased average AUM by 2%, and increased management fees and
other revenue by 5%
Mr. Orszag has been prolific in promoting the firm and our people through intellectual leadership and client connectivity,
helping to support our professionals across the globe in serving our clients, and driving our adoption of artificial intelligence.
The Compensation Committee also recognized, however, that 2025 was a year of disciplined execution and significant
investment in both businesses. These efforts are critical to achieving Lazard’s long-term ambitions. Accordingly,
the Committee concluded that it was appropriate for Mr. Orszag’s compensation also to reflect the firm’s focus on cost
discipline and prudent management of firm resources.
As reflected in the following charts, the awarded compensation of our CEO tends to rise and fall from year to year with
changes in the firm’s market capitalization and the key performance indicators (KPIs) in each of our Financial Advisory and
Asset Management businesses. This further demonstrates our commitment to pay for performance.
CEO Compensation vs. Average Market Cap
| Compensation ($mm) | Market Cap ($mm) |
|---|
| Total Core Comp | Average Market Cap |
CEO Compensation vs. FA and AM KPIs
| MD Productivity & Compensation ($mm) | Average AUM ($bn) |
|---|
| Total Core Comp | MD Productivity | Average AUM |
| 60 | 2026 Proxy Statement |
| About Lazard | Proxy Summary | Item 1 - Election of Directors | Corporate Governance | Item 2 - Executive Compensation | Item 3 - Declassification of Board | Item 4 - Incentive Compensation Plan | Item 5 - Ratification of Independent Auditors | Stock Ownership Information | General Information |
|---|
Our Compensation Program Philosophy and Objectives
| We Align Compensation with Long-Term Shareholder Interests | •We grant a substantial portion of compensation in the form of at-risk, forward-looking, long-term incentive awards, including those subject to performance-based vesting criteria and multi-year vesting periods, thereby helping to retain our executives and giving shareholders the stability of highly productive, experienced management who help to advance our strong firm culture. •The value of equity-based awards fluctuates based on our ability to achieve growth and deliver operating performance that produces value for our shareholders. |
| We Pay for Performance | •A substantial majority of the compensation we pay to each of our NEOs is based on performance, which has helped us successfully retain and motivate our executives. Base salary is the only fixed portion of our compensation program. |
| We Recruit and Retain Top Talent | •We seek professionals who have strong client relationships, valuable industry expertise and demonstrated management skills and who understand our culture and the needs of our business. Our Compensation Committee is committed to awarding our NEOs compensation that is competitive with peers. •We strive to create a culture that fosters commercial and collegial behavior. Our policies and procedures reflect our commitment to equal pay for equal work and ensuring a safe, inclusive workplace, both of which are crucial to our business success. |
Executive Compensation Practices
| WHAT WE DO | WHAT WE DO NOT DO | ||
|---|---|---|---|
| Engage in Significant Shareholder Outreach | Single-Trigger Vesting | ||
| Apply Multi-Year Vesting to Equity Awards | Excise Tax Gross-Ups Upon Change in Control | ||
| Aim to Offset Most or All Equity Award Dilution over the Long Term | Enhanced Change in Control Severance | ||
| Mitigate Undue Risk | Guaranteed Bonuses (Except New Hires) | ||
| Employ Robust Stock Ownership Guidelines | Hedging Transactions or Short Sales | ||
| Employ Clawback, Anti-Hedging, and Anti-Pledging Policies | |||
| Utilize Independent Compensation Consultant | |||
| 2026 Proxy Statement | 61 |
|---|
| About Lazard | Proxy Summary | Item 1 - Election of Directors | Corporate Governance | Item 2 - Executive Compensation | Item 3 - Declassification of Board | Item 4 - Incentive Compensation Plan | Item 5 - Ratification of Independent Auditors | Stock Ownership Information | General Information |
|---|
Our Compensation Process
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