Dean Connor, president and CEO, Sun Life Financial Inc. (TSX:SLF) earned less in 2014 than the previous two years.

According to Sun Life’s 2015 proxy circular released Monday, Connors’s total compensation in 2014 was valued at $7,735,938, down from $8,403,111 in 2013 and $7,970,689 in 2012.

His base salary rose from $988,462 in 2013 to $1 million last year.

However his annual incentives dropped from $2.3 million in 2013 to $1.455 million last year.

Share-based awards increased from $3,562,513 in 2013 to $3,750,002, while option-based awards increased from $1,187,502 in 2013 to $1,250,003 last year.

Connor’s pension fell from $356,090 in 2013 to $272,310 in 2014, while other compensation increased slightly from $8,545 in 2013 to $8,623.