April 5 (Reuters) - Morgan Stanley ( MS ) nominated

former UK financial regulator Megan Butler to its board of

directors, the bank said in a filing on Friday.

Butler, 59, previously served as executive director at the

UK Prudential Regulation Authority and the Financial Conduct

Authority. Shareholders will vote on director nominees at Morgan

Stanley's ( MS ) virtual annual meeting on May 23.

Morgan Stanley ( MS ) in January agreed to pay $249 million to

settle a government investigation into its block trading

practices in the fourth quarter.

The bank also on Friday laid out details for executive pay

for the shareholder vote, reflecting an average increase of 13%

for its top five executives.

The board awarded Executive Chairman James Gorman, who

served as CEO until the end of last year, a 17% pay bump to $37

million.

Directors cited Gorman's "exemplary executive talent

development," which "led to the successful execution of an

orderly, multi-year CEO succession planning process that is

uncommon in financial services."

The bank also explained its decision to pay $20 million

one-time awards to new CEO Ted Pick, who took the helm at the

start of the year, and Co-Presidents Andy Saperstein and Dan

Simkowitz "to reinforce the message of collaboration in

leadership through the transition."

Excluding the one-time award, Pick's compensation for last

year stood at $25 million when he ran the bank's division

encompassing investment banking and trading.

Saperstein, who leads wealth and investment management, was

awarded $21.5 million. Simkowitz, the former head of investment

management who now leads institutional securities, was given $20

million. Finance chief Sharon Yeshaya was awarded $13.5 million.

Morgan Stanley ( MS ) will report first-quarter earnings on April

16.