Prudential shareholders in pay protest
Thursday 16 May 2013
Prudential was hit by a minor revolt at its annual meeting as investors criticised the company's decision to hand out £30m in pay to directors last year.
Almost 12 per cent of the Pru's shareholders opposed the group's remuneration report – an almost identical amount to those who rebelled against pay at rival Aviva's AGM earlier this month. Despite growing its pre-tax profits and dividends last year, the Pru came under criticism from some of its retail investors.
One said: "This is an obscene record of remuneration and I hope it's not the beginning of other companies following you."
Another added: "I've no doubt that everybody works very hard but the word greedy is not remote from my mind".
Prudential paid its chief executive Tidjane Thiam £8m in pay and bonuses last year just a handful of days after he was censured by the FSA for his role in the company's failed $35.5bn (£23.3bn) takeover of AIA.
More than 10 per cent of investors also failed to back pay at Resolution, which was founded by entrepreneur Clive Cowdery back in 2006 .
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