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Prudential pays chief exec Thiam $14 million for 2013
April 1, 2014 / 10:38 AM / 4 years ago

Prudential pays chief exec Thiam $14 million for 2013

LONDON, April 1 (Reuters) - British-based life and pensions group Prudential Plc plans to pay Chief Executive Tidjane Thiam more than 8.7 million pounds ($14.3 million) in salary and benefits for 2013, according to the company’s annual report.

Thiam’s package includes a salary of 1 million pounds, a bonus of more than 2 million and a further 5 million attributed to long-term incentive schemes vesting from previous years.

Thiam’s 8.7 million pounds total package is a significant increase from the 7.8 million awarded for 2012.

However, Prudential’s annual report, published on Tuesday, restates last year’s figure higher at 9.5 million pounds, to take into account a share price that has advanced since the last report, as some of the package is paid in shares.

Prudential released earnings for 2013 in March showing a 17 percent profit increase that eased some investors’ concerns that performance would lag on account of volatility in Asian markets, where the company takes much of its revenue.

The 2012 pay deal had angered some of the company’s shareholders following a stiff 30 million pounds fine for failing to keep British regulators fully informed about an attempt to buy Asian rival AIA in 2010.

However, investors may approve the pay deal with few complaints at the company’s annual shareholder meeting in May, following a more than 50 percent increase in the value of their shares during 2013. ($1 = 0.5998 British Pounds) (Editing by David Holmes)

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