Prudential Plc – AGM 14 May 2020
Item 2: Remuneration report
The remuneration is excessive and there is a weak alignment between executive incentives and the groupns overall performance, as well as shareholder value creation. Since 2010, the average LTI vesting rate is 90% and STI outturn is 96% of the maximum. The 2019 total variable remuneration was 460% of base salary, which is above our limit of 300%. The performance targets are insufficiently challenging to accept our higher limit.
Item 3: Remuneration policy
The Committee is satisfied with the current remuneration policy and does not propose any major changes. The policy will be updated to reflect the UK Code recommendations and changes in the group's strategy after the demerger. ECGS consider the remuneration structure unsatisfactory as the potential variable is 750% of salary for the CEO.
Prudential is a parent holding company. Co., together with its subsidiaries, is an international financial services group with its principal operations in Asia, the U.S. and the U.K. In Asia, Co. has operations in Hong Kong, Indonesia, Malaysia, Singapore and other markets. In the U.S., Co.'s principal subsidiary is Jackson National Life Insurance Company. In the U.K., Co. operates through its subsidiaries, primarily The Prudential Assurance Company Limited and M&G Investment Management Limited. Co. provides a range of retail financial products and services and asset management services throughout these territories.
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