Morgan Stanley and Butler, a former UK financial regulator, has been appointed to the board of directors of Morgan Stanley (MS.N), the bank announced in a statement on Friday.

Block Trading Tactics

Butler, 59, was an executive director at the Financial Conduct Authority and the UK Prudential Regulation Authority.

At the online annual meeting of Morgan Stanley on May 23, shareholders will cast their votes for director nominees. In order to end a government probe into its block trading tactics during the fourth quarter, Morgan Stanley agreed in January to pay $249 million.

The bank also disclosed executive compensation information for the shareholder vote on Friday, showing an average 13% raise for its top five executives.

James Gorman, the Executive Chairman, received a 17% salary increase to $37 million from the board. Gorman was the CEO until the end of the previous year.

Directors pointed to Gorman’s “exemplary executive talent development,” that “led to the successful execution of an orderly, multi-year CEO succession planning process that is uncommon in financial services.”

Collaboration

The bank also gave an explanation for why it chose to give Co-Presidents Dan Simkowitz and Andy Saperstein and new CEO Ted Pick a $20 million one-time award “to reinforce the message of collaboration in leadership through the transition.”

Pick assumed the position at the beginning of the year. When Pick oversaw the bank’s investment banking and trading division last year, his remuneration, excluding the one-time reward, was $25 million.

The $21.5 million prize went to Saperstein, who oversees wealth and financial management. $20 million went to Simkowitz, the former head of investment management and current head of institutional securities.

Sharon Yeshaya, the head of finance, received a $13.5 million prize. On April 16, Morgan Stanley will release its first-quarter financial results.