Prudential CEO Gets Higher 2010 Bonus, All In Deferred Shares
March 31 2011 - 10:05AM
Dow Jones News
Prudential PLC (PRU.LN), which failed in its $35.5 billion bid
to buy Asian rival AIA Group Ltd. (1288.HK) last year, said
Thursday that Chief Executive Tidjane Thiam will get a 49% rise in
bonus for 2010, all paid in shares and deferred for three
years.
The U.K. insurer said in its annual report that Thiam, whose
company incurred a cost of GBP377 million for the approach to AIA,
would get a bonus of GBP1.57 million, up from his 2009 bonus of
GBP1.06 million.
Normally, half of the bonus is paid immediately in cash.
Prudential said "it was agreed with the Group CEO" that the cash
portion of the 2010 bonus "will now be paid in shares and deferred
for three years, expressing his confidence in the future prospects
for the group."
"After careful consideration, for 2010, the [remuneration]
committee used its discretion to take the costs associated with the
AIA transaction fully into account in determining the results to be
used for bonus purposes. Bonuses for all executive directors were
therefore based on the results after all AIA transaction costs,"
Prudential said.
Last year, Prudential had a strong rise in net profit to GBP1.43
billion from GBP676 million in 2009, helped by improved sales in
Asia.
The company is paying its Chairman Harvey McGrath and six
executive directors a total remuneration of GBP12.98 million for
2010, up 30% from GBP9.99 million in 2009 when two executive
directors joined the board later in the year.
The remuneration includes salaries, bonuses, benefits and
pension supplements.
Among the executive directors, the highest paid was Clark
Manning, who has stepped down as CEO of U.S. unit Jackson National
Life Insurance Company and got GBP2.79 million in total
remuneration.
Next was Thiam with a total of GBP2.76 million and Barry Stowe,
head of the Asian operations, with GBP2.16 million.
- By Vladimir Guevarra, Dow Jones Newswires. Tel. +44 (0)
2078429486, vladimir.guevarra@dowjones.com
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