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Pru shareholders raise concerns over pay plans

Around 30 per cent of Prudential shareholders voted against the provider’s executive pay plans at yesterday’s annual general meeting.

Speaking at the meeting, outgoing chairman Harvey McGrath said shareholders were expressing “concerns about certain issues”.

“They went on to express their full confidence in, and support for, the management of the group and our strategy,” he added.

The Financial Times reports the ABI has raised an “amber top” alert about Pru’s pay plans due to concerns regarding a change in bonus conditions for the firm’s head of Asia Barry Stowe.

Earlier this month, Aviva chief executive Andrew Moss stepped down following a shareholder rebellion over executive pay. Around 54 per cent of investors voted against the firm’s remuneration report.

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