Man from Prudential pockets £2.75m
Prudential may face a few awkward questions from shareholders at its annual meeting in May after unveiling the chunky salaries of its board members following a year of turmoil.
While the insurer is performing well - sales and the share price are both up sharply - a failed bid for the Asian arm of AIA that left shareholders with a bill of £377 million is still a cause of upset.
The annual report today revealed that chief executive Tidjane Thiam got £2.75 million for 2010, including a £1.57 million bonus. The Pru says he is taking the bonus in shares rather than cash in what it says is a sign of his commitment to and belief in the company.
It hopes that might also persuade investors to take a sanguine view of the AIA debacle. Other executives were also well-rewarded. Michael McLintock, head of fund management arm M&G, received £2.09 million, with a bonus of £1.6 million. Even chairman Harvey McGrath picked up pay of £543,000 for his part-time role.
Barry Stowe, head of the fast-growing Asian business, earned £2.1 million including a £1 million bonus. Shareholders are told they paid him £153,384 in housing costs and £47,639 to educate his children.
A higher number of shareholders than usual are expected to refrain from voting in favour of the remuneration report.
The shares have soared since 2008. Today, they were unchanged at 721p, giving the company a market capitalisation of almost £19 billion.
