View more on these topics

Pru chairman faces protest vote at AGM

Prudential chairman Harvey McGrath admitted the company needed to improve its relationship with some investors following the rebuke that saw 21.98 per cent of the votes cast reject his re-appointment at the AGM yesterday, according to the Daily Telegraph.

The protest vote – supported by shareholder Fidelity, which holds almost two per cent of the insurer – was over McGrath’s role in the Pru’s failed  £21.9bn deal for rival AIA.

Prudential chief executive Tidjane Thiam attracted strong support from investors with 99 per cent of votes cast in favour of his re-election.

Speaking after the vote, McGrath said: “The chairman becomes the lightning rod for shareholder issues at large and that’s what’s reflected in the voting today.

“I don’t think there are areas of dispute, it’s a question of continuing the level of engagement we’ve had over the last six to nine months. We will continue the work and allay any fears about the stewardship of the company.”

The Pru was forced to scrap its takeover of AIA last June after investors refused to back the original bid price and AIA’s parent company, AIG, refused to lower the terms. The failed bid left investors facing £377m in fees. Last year’s AGM, held days after the deal collapsed, saw investors demand the resignation of both McGrath and Thiam.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm