Tidjane Thiam should scapegoat up to 4.3 million in probable annual bonuses in the arise of Prudentials unsuccessful bid to buy AIA, heading shareholders believe.
Some of the Prus greatest investors pronounced yesterday that waiving his entitlement would symbol a decent gesticulate by the arch executive, after the insurer was strike with a 450 million check to cover the costs of finale the AIA deal.
They pronounced that Nic Nicandrou, the financial director, and Rob Devey, the UK chief senior manager who was put in assign of integrating AIA, should cruise following suit.
Mr Nicandrou and Mr Devey have been set reward targets of 1.98 million each this year, on tip of their annual salaries of 550,000. Mr Thiam is paid a basic income of 900,000 but is targeting payouts, especially in shares, value 480 per cent of his pay.
It would be the right thing to do. They need to share a little of the suffering with shareholders, one big Pru financier pronounced last night. Another pronounced that it would be a decent gesture, claiming that the Pru would probably face a shareholder fighting back over the issue at subsequent years annual assembly if the payments went through.
A third heading Pru shareholder pronounced that the move would be applauded by investors. He pronounced that the preference by John Varley to relinquish his annual bonus as arch senior manager of Barclays this year in the face of a open backlash over bankers compensate had left down well with investors. But he added: Unfortunately with the Pru, the complaint is thats not enough. Investors were still assured of the need for boardroom shift at the insurer in the light of managements failings during the bid, he said.
Mr Thiam and his authority Harvey McGrath have both been the theme of calls by investors to renounce given Prudentials brazen $35.5 billion bid to buy AIA collapsed last week.
Several shareholders pronounced yesterday that they would lift the issue of bonuses during their meetings and would be rebuilt to discuss it Mr McGrath without delay to quit if necessary.
Shareholders canvassed by The Times yesterday appeared to be relocating towards a pull for Mr McGraths dismissal, carrying insisted formerly that Mr Thiam should renounce as the cost of a bid that they have consistently argued was overpriced.
Pru shares sealed 8p reduce at 525p yesterday.
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