The Canadian Press

Sun Life Financial Inc. CEO Donald Stewart made more than $3.8 million in direct compensation in 2009, but that only made him the third-highest paid executive at Canada’s third-biggest insurance company.

Figures released by Sun Life (TSX:SLF) on Tuesday showed that both company president Jon Boscia and Stephen Peacher, its executive vice-president and chief investment officer, did better.

The numbers were included in Sun Life’s management circular ahead of its annual meeting May 19.

Boscia and Peacher, who are paid in U.S. dollars, received the equivalent of C$4.9 million and C$4.4 million respectively in salary, share awards and options last year.

Stewart’s direct compensation consisted of $1.1 million in salary and $2.75 million in option awards, a big drop from the $6.6 million he earned in 2008.

Besides his salary of $744,000, Boscia received $3.46 million in share awards and $536,000 in annual incentive awards.

Peacher was paid a salary of $118,592, but also $1.2 million in share awards, more than $788,00 in option awards and $1.7 million in annual incentives.

Chief financial officer Colm Freyne received direct compensation of just over $2 million, including salary and incentives.