Belfast Telegraph

Shareholders slam Pru pay

By Peter Cripps

Shareholders have delivered a major blow to insurer Prudential as more leading firms tasted a backlash over executive pay.

Some 30% of shares went against the Pru's remuneration report at its AGM, prompting the firm to admit it will look again at its pay practices.

Shareholders' discontent over corporate pay and performance has gathered pace in recent weeks, with Cairn Energy, Aviva, Trinity Mirror and AstraZeneca among those in the firing line.

Investor lobby groups said combined bonus and long-term incentive awards at Prudential during 2011 had been "highly excessive".

Long-term incentive plans and bonuses took chief executive Tidjane Thiam's total remuneration to £4.7m. His basic salary for this year is set to go up by £100,000 to £1m.

Pru chairman Harvey Mc Grath said a surprisingly high number voted against the report, adding it would consult shareholders about remuneration going forward.