NEW YORK (Reuters) - Morgan Stanley's move to cut the firm's pay ratio followed prodding by large investors who questioned the firm's high pay levels, and the firm is preparing to take further steps to address shareholder concern, The Wall Street Journal Online reported on Tuesday.
The Journal, citing people familiar with the situation, said these investors, which it did not name, were concerned that Morgan's pay and benefits last year reached 62 percent of net revenue, the highest percentage in a decade.
A Morgan spokesman had no comment.
There are no signs of a shareholder rebellion that could lead to en masse dumping of Morgan Stanley shares or embarrassment at this spring's annual meeting, the report said.
But the company is preparing to take additional steps beyond the recent restructuring of its compensation system to show it is responsive to shareholder concerns, including a possible nonbinding say-on-pay proposal, the Journal said.
(Reporting by Nick Zieminski and Steve Eder; Editing by Bernard Orr)
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