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Marsh & Mclennan Companies, Inc Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material Pursuant to §240.14a-12 Marsh & McLennan Companies, Inc. (Name of Registrant as Specified in its Charter) (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) Payment of Filing Fee (Check the appropriate box): ☒ No fee required. ☐ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: ☐ Fee paid previously with preliminary materials. ☐ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: Table of Contents 2021Notice of Annual Meetingand Proxy StatementMarsh GuyCarpenter Mercer OliverWyman Table of Contents ABOUT USConsultingMercerHealth, Wealth& Career ConsultingRisk & Insurance ServicesMarshInsurance Broking& Risk ManagementGuy CarpenterReinsurance& Capital StrategiesOliver WymanStrategy, Economic& Brand ConsultingWe are 76,000 colleagues in four global businessesunited by a common purposeto make a difference inthe moments that matter.Three commitments unite us as we strive to live our purpose:SUCCEEDING TOGETHER.We are in business to expand whats possible for our clientsand each other.ACCELERATING IMPACT.We embrace change and create enduring client value.ADVANCING GOOD.We strive to serve the greater good.We work with our clients to enable enterprise around the worldand secure better futures for all. Table of Contents NOTICE OF ANNUAL MEETING OF STOCKHOLDERS AND PROXY STATEMENT Dear Stockholder: You are cordially invited to attend the annual meeting of stockholders of Marsh & McLennan Companies, Inc. at: DATE TIME LOCATION Thursday, Online check-in begins: Meeting live via the Internet— May 20, 2021 9:45 a.m. Eastern Time please visit: Meeting begins: www.virtualshareholder 10:00 a.m. Eastern Time meeting.com/MMC2021 Continuing our goal to protect our stockholders, directors and colleagues during the COVID-19 pandemic, please note that there is no in-person annual meeting for you to attend. Stockholders will be able to listen, vote and submit questions from any remote location with Internet connectivity. Information on how to participate in the virtual annual meeting is on page 77. ITEMS OF BUSINESS 1. To elect thirteen (13) persons named in the accompanying proxy statement to serve as directors for a one-year term; 2. To approve, by nonbinding vote, the compensation of our named executive officers; 3. To ratify the selection of Deloitte & Touche LLP as our independent registered public accounting firm; and 4. To conduct any other business that may properly come before the meeting. YOUR VOTE IS VERY IMPORTANT If you were a stockholder at the close of business on March 22, 2021, you are eligible to vote at this year’s annual meeting. Whether or not you plan to attend the annual meeting, your vote is very important. We urge you to participate in the election of our directors and deciding the other items on the agenda for the annual meeting. You may vote over the Internet or by telephone. • If you accessed this proxy statement through the Internet, instructions appear in the Notice of Internet Availability of Proxy Materials. • If you received this proxy statement by mail, you may also vote by mail and instructions appear on the enclosed proxy card. KATHERINE J. BRENNAN Deputy General Counsel, Corporate Secretary & Chief Compliance Officer March 31, 2021 Important Notice Regarding the Availability of Proxy Materials for the Marsh & McLennan Companies Annual Meeting of Stockholders To Be held on May 20, 2021: This proxy statement and the Company’s 2020 Annual Report, which includes financial statements as of and for the fiscal year ended December 31, 2020, are available at proxy.mmc.com This notice and proxy statement is first being mailed or made available on the Internet to stockholders on or about March 31, 2021. In these materials, we refer to Marsh & McLennan Companies, Inc. as the “Company,” “we” and “our”. Marsh & McLennan Companies, Inc. Notice of Annual Meeting and 2021 Proxy Statement Table of Contents PROXY SUMMARY This summary highlights information contained elsewhere in this proxy statement. You should read the entire proxy statement carefully before voting. VOTING MATTERS Page number for Board’s more information recommendation Election of Directors (Item 1) To elect thirteen (13) persons named in the accompanying proxy 18 FOR statement to serve as directors for a one-year term Advisory (Nonbinding) Vote to Approve Named Executive Officer Compensation (Item 2) 27 FOR To approve, by nonbinding vote, the compensation of our named executive officers Ratification of Independent Auditor (Item 3) 66 FOR To ratify the selection of Deloitte & Touche LLP as our independent registered public accounting firm HIGHLIGHTS OF OUR BUSINESS AND STRATEGY Business We are a global professional services firm offering clients advice in the areas of risk, strategy and people. With annual revenue of $17 billion, we help clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh advises individual and commercial clients of all sizes on insurance broking and innovative risk management solutions. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well-being for a changing workforce. Oliver Wyman Group serves as critical strategic, economic and brand advisor to private sector and governmental clients. Our 76,000 colleagues advise clients in over 130 countries. Strategy Our colleagues are united around our purpose — to make a difference in the moments that matter. Three commitments unite us as we strive to live our purpose: SUCCEEDING TOGETHER ACCELERATING IMPACT ADVANCING GOOD We are in business to expand We embrace change and create We strive to serve the what’s possible for our clients and enduring client value. greater good. each other. We work with our clients to enable enterprise around the world and secure better futures for all. As the challenges confronting our clients are increasingly interrelated and more complex, we are collaborating more closely across our businesses to better address these challenges and deliver greater value as one enterprise. Our business model is designed to create exceptional value and superior returns for our stockholders. Every year, the Board reviews the Company’s long-term strategic plan and the strategic plans of the Company’s businesses. i Marsh & McLennan Companies, Inc. Notice of Annual Meeting and 2021 Proxy Statement Table of Contents PROXY SUMMARY (Continued) KEY GOVERNANCE POLICIES AND PRACTICES Board of Directors Our chairman of the Board is an independent director All of our directors are elected annually Our directors’ areas of expertise are presented in a matrix on page 11 Our Governance Guidelines articulate the Board’s responsibility, alongside management, for setting the “tone at the top” and overseeing management’s strategy to promote a culture of integrity throughout the Company We appointed our FIFTH FOUR DIRECTORS have joined Of our 13 directors, 3 ARE MEN CONSECUTIVE DIVERSE SINCE 2016, enhancing the who are RACIALLY DIRECTOR IN 2020. Board’s breadth and depth of OR ETHNICALLY DIVERSE AND experience and diversity. 3 ARE WOMEN. In the past 10 YEARS, we have We’ve had AT LEAST ONE WOMAN Our CEO, Dan Glaser, is a appointed 8 INDEPENDENT director on the Board for member of the 30% club, a DIRECTORS, 7 OF WHOM ARE more than 40 CONSECUTIVE global campaign to INCREASE DIVERSE. YEARS — since 1978. GENDER DIVERSITY at board and senior management levels. Marsh & McLennan Companies, Inc. Notice of Annual Meeting and 2021 Proxy Statement ii Table of Contents PROXY SUMMARY (Continued) KEY GOVERNANCE POLICIES AND PRACTICES Our Seamless Transition to Virtual Governance The Marsh McLennan Board during its virtual meeting in March 2021 Stockholder Engagement In 2011, we expanded the breadth and consistency of our stockholder engagement. In each of the past five years, we have engaged with institutional stockholders holding approximately 36% to 45% of our outstanding common stock In 2020, we held meaningful discussions with stockholders covering corporate governance, executive compensation, Board and workforce diversity, climate and other environmental and
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