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Pru execs land £47m pay packet for 2013

Prudential chief executive Tidjane Thiam received an £8.7m pay packet in 2013 as part of a £47m remuneration package handed to eight executives.

The insurer’s remuneration report, published yesterday, reveals Thiam’s basic salary last year was just over £1m. His salary was also boosted by a £2m bonus and a £5m payment through the firm’s long-term incentive plan.

The long-term incentive plan is a bonus payment linked to the delivery of shareholder returns and profits over a three-year period.

Former Prudential UK chief executive Rob Devey, who left the insurer in October 2013, received total remuneration worth almost £3.5m, with £2.5m paid through bonuses and the LTIP.

Jackie Hunt, who replaced Devey as UK chief executive in September 2013, was paid over £3.5m last year. Over £2m of her remuneration package was made up in bonuses and the LTIP.

The total executive remuneration package for 2013 was £9m higher than the £38m figure reported in 2012.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. I bet the share holders are over joyed !!

  2. What a farce! And some suggest it is unfair to expect life companys to explain what claims payments they make on insurance products.

    Why do we as a society allow this theft (in the original sense) of so many people’s savings and investments.

  3. @DH

    As a shareholder I have no issues with this as unlike the major banks Prudential’s performance (from a share price / dividend point of view) is impressive (21 % + annual share price rise).

    Were I a Pru customer, I suspect my view would be very different !

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