NEW YORK (Bloomberg) — Marsh & McLennan Cos., the world’s largest insurance broker, is raising the pay for its non-executive directors to at least $200,000 a year in cash and stock, saying their pay has fallen behind what similar companies offer.The board approved a retainer of $100,000 a year in cash or stock, up from $40,000 previously, for its non-executive members, the New York-based company said in a regulatory filing. An additional annual stock payment will nearly double to $100,000, the company said.

They will no longer get $1,000 per meeting attended, which amounted to $18,000 to $40,000 per director in 2006.

“MMC’s annual retainers and equity grants have fallen well below the mainstream for companies of our size,” said Stephen Hardis, the company’s non-executive chairman, in the filing. The pay plan hasn’t changed much in nearly a decade, he said. Hardis’ compensation as chairman will grow 50 percent to $150,000 a year.