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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font size=3>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font size=3>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>Washington, D.C. 20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>_____________________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font size=3>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font size=3>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>Pursuant to Section 13 or 15(d) of the </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>Securities Exchange Act of 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Date of report (Date of earliest event reported)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=3>February 15, 2007</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=3>Marsh &amp; McLennan Companies, Inc.</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=3>(Exact Name of Registrant as Specified in Charter)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

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        <td width="223" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=3>Delaware</font></p> </td>
        <td width="208" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=3>1-5998</font></p> </td>
        <td width="216" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=3>36-2668272</font></p> </td> </tr>
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        <td width="223" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=3>(State or Other Jurisdiction of Incorporation)</font></p> </td>
        <td width="208" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=3>(Commission File Number)</font></p> </td>
        <td width="216" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=3>(IRS Employer</font><br> <font size=3>Identification No.)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>1166 Avenue of the Americas, New York, NY</font>
             <font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10036</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>&nbsp;</font></p> </td>
        <td width="483" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>(Address of Principal Executive Offices)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>(Zip Code)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Registrant&#146;s telephone number, including area code</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=3>(212) 345-5000</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.43in;text-align:left;'><font size=3>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:3.0pt;line-height:151.2%'><font size=3>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font face=Wingdings>o</font></p> </td>
        <td  valign=top style='padding:0in 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=3>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:3.0pt;line-height:151.2%'><font size=3>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font face=Wingdings>o</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=3>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:3.0pt;line-height:151.2%'><font size=3>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font face=Wingdings>o</font></p> </td>
        <td  valign=top style='padding:0in 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=3>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:151.2%'><font size=3>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font face=Wingdings>o</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=3>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<b><font size=3>Item 8.01</font></b><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=3>Other Events</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=3>Changes in Compensation of Non-Executive Directors</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>The board of directors (the &#147;Board&#148;) of Marsh &amp; McLennan Companies, Inc. (&#147;MMC&#148;) has approved changes to MMC&#146;s compensation arrangements for non-executive directors. These changes were recommended by the Board&#146;s directors and governance committee, and reflect the committee&#146;s discussions with the Board&#146;s independent compensation consultant. Effective June 1, 2007, which is the start of the Board&#146;s next annual pay cycle, MMC will compensate its non-executive directors as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><i><b><font size=3>Basic Annual Retainer.</font></b></i><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=3>All non-executive directors will receive a basic annual retainer of $100,000. Since 1995, the basic annual retainer has been $40,000. Under the terms of MMC&#146;s directors&#146; stock compensation plan, directors will continue to receive one-quarter of this retainer in the form of MMC common stock. Directors may elect to receive the remainder of the basic annual retainer in cash, common stock or a combination thereof.<sup> </sup></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=3>MMC will no longer pay meeting fees. Since 1990, non-executive directors have received $1,000 for each Board and committee meeting attended. Over the two-year period 2005-2006, the Board met a total of 34 times and its committees met a total of 74 times. Meeting fees ranged from $28,000 to $44,000 per full-year director in 2005 and from $18,000 to $40,000 in 2006. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><i><b><font size=3>Annual Stock Grant.</font></b></i><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=3>On June 1 of each year, all non-executive directors will receive an annual grant of MMC common stock with a current market value of $100,000. Since 1998, the annual stock grant has consisted of 1,800 split-adjusted shares; the market value of the June 1, 2006 grant was approximately $50,400 per director.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><i><b><font size=3>Supplemental Annual Retainers for Committee Chairs.</font></b></i><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=3>The chairs of the Board&#146;s audit, compensation, compliance, and directors and governance committees will each receive a supplemental annual retainer of $15,000. Since 1991, the supplemental annual retainer for committee chairs has been $5,000. Committee chairs may elect to receive this amount in cash, common stock or a combination thereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=3>MMC will no longer pay a supplemental annual retainer to non-chair committee members. Since 1991, the amount of this payment has been $2,000.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><i><b><font size=3>Supplemental Annual Retainer for Non-Executive Chairman.</font></b></i><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=3>The Board&#146;s non-executive chairman will receive a supplemental annual retainer of $150,000. This compares to the $100,000 supplemental annual retainer instituted in 2005. The non-executive chairman may elect to receive this amount in cash, common stock or a combination thereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>Stephen R. Hardis, MMC&#146;s non-executive chairman, said: &#147;MMC&#146;s director compensation practices have remained largely unchanged for nearly a decade, with some elements dating from the early 1990s. As a result, MMC&#146;s annual retainers and equity grants have fallen well below the mainstream for companies of our size, and no longer reflect the substantial time commitment that service on the Board requires. At the same time, the Board believes that some structural </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>2</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>aspects of MMC&#146;s director compensation, such as meeting fees and committee membership retainers, no longer reflect best governance practices.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&#147;The changes announced today respond to these realities,&#148; Mr. Hardis continued. &#147;The Board seeks to compensate MMC&#146;s directors fairly for the significant work they do, while ensuring that the components of MMC&#146;s director pay are transparent to investors and consistent with current best practices.&#148; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font size=3>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.39in; text-indent:0.5in;text-align:left;'><font size=3>MARSH &amp; McLENNAN COMPANIES, INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=3>&nbsp;</font></p>


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            <p style='margin-left:0in;text-indent:13.4pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=3>By:</font></p> </td>
        <td width="284" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>/s/ Luciana Fato</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.12in;text-align:left;'><font size=3>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Name:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Luciana Fato</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Title:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Deputy General Counsel-Corporate &amp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.62in;text-align:left;'><font size=3>&nbsp;&nbsp;Corporate Secretary</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.88in;text-align:left;'><font size=3>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Date:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>February 15, 2007</font></p> </td> </tr></table>
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{"company-data": {"conformed-name": "MARSH & MCLENNAN COMPANIES, INC.", "cik": "0000062709", "assigned-sic": "6411", "irs-number": "362668272", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-05998", "film-number": "07628008"}, "business-address": {"street1": "1166 AVENUE OF THE AMERICAS", "city": "NEW YORK", "state": "NY", "zip": "10036", "phone": "2123455000"}, "mail-address": {"street1": "1166 AVENUE OF THE AMERICAS", "city": "NEW YORK", "state": "NY", "zip": "10036"}, "former-company": [{"former-conformed-name": "MARSH & MCLENNAN COMPANIES INC", "date-changed": "19920703"}, {"former-conformed-name": "MARLENNAN CORP", "date-changed": "19760505"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported)
February 15, 2007
Marsh & McLennan Companies, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
1-5998
36-2668272
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
1166 Avenue of the Americas, New York, NY
10036
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code
(212) 345-5000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01
Other Events
Changes in Compensation of Non-Executive Directors
The board of directors (the "Board") of Marsh & McLennan Companies, Inc. ("MMC") has approved changes to MMC's compensation arrangements for non-executive directors. These changes were recommended by the Board's directors and governance committee, and reflect the committee's discussions with the Board's independent compensation consultant. Effective June 1, 2007, which is the start of the Board's next annual pay cycle, MMC will compensate its non-executive directors as follows:
Basic Annual Retainer.
All non-executive directors will receive a basic annual retainer of $100,000. Since 1995, the basic annual retainer has been $40,000. Under the terms of MMC's directors' stock compensation plan, directors will continue to receive one-quarter of this retainer in the form of MMC common stock. Directors may elect to receive the remainder of the basic annual retainer in cash, common stock or a combination thereof.
MMC will no longer pay meeting fees. Since 1990, non-executive directors have received $1,000 for each Board and committee meeting attended. Over the two-year period 2005-2006, the Board met a total of 34 times and its committees met a total of 74 times. Meeting fees ranged from $28,000 to $44,000 per full-year director in 2005 and from $18,000 to $40,000 in 2006.
Annual Stock Grant.
On June 1 of each year, all non-executive directors will receive an annual grant of MMC common stock with a current market value of $100,000. Since 1998, the annual stock grant has consisted of 1,800 split-adjusted shares; the market value of the June 1, 2006 grant was approximately $50,400 per director.
Supplemental Annual Retainers for Committee Chairs.
The chairs of the Board's audit, compensation, compliance, and directors and governance committees will each receive a supplemental annual retainer of $15,000. Since 1991, the supplemental annual retainer for committee chairs has been $5,000. Committee chairs may elect to receive this amount in cash, common stock or a combination thereof.
MMC will no longer pay a supplemental annual retainer to non-chair committee members. Since 1991, the amount of this payment has been $2,000.
Supplemental Annual Retainer for Non-Executive Chairman.
The Board's non-executive chairman will receive a supplemental annual retainer of $150,000. This compares to the $100,000 supplemental annual retainer instituted in 2005. The non-executive chairman may elect to receive this amount in cash, common stock or a combination thereof.
Stephen R. Hardis, MMC's non-executive chairman, said: "MMC's director compensation practices have remained largely unchanged for nearly a decade, with some elements dating from the early 1990s. As a result, MMC's annual retainers and equity grants have fallen well below the mainstream for companies of our size, and no longer reflect the substantial time commitment that service on the Board requires. At the same time, the Board believes that some structural
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aspects of MMC's director compensation, such as meeting fees and committee membership retainers, no longer reflect best governance practices.
"The changes announced today respond to these realities," Mr. Hardis continued. "The Board seeks to compensate MMC's directors fairly for the significant work they do, while ensuring that the components of MMC's director pay are transparent to investors and consistent with current best practices."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MARSH & McLENNAN COMPANIES, INC.
By:
/s/ Luciana Fato
Name:
Luciana Fato
Title:
Deputy General Counsel-Corporate &
Corporate Secretary
Date:
February 15, 2007
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