Pru chief to defer £1.6m 2010 bonus

PRUDENTIAL chief executive Tidjane Thiam has been awarded a pay and benefits package worth £4.86m for his leadership of the insurance giant in 2010.

The sum includes a £900,000 salary and a £1.57m bonus, equivalent to 97 per cent of his maximum possible bonus of £1.62m, with 50 per cent in shares deferred for three years.

Thiam has been awarded a further £2.1m from his 2008 long-term incentive plan, which rewards delivery of sustainable shareholder returns, according to the Prudential’s remuneration report.

But in a sign the Pru is wary of a backlash should Thiam receive a large bonus so soon after the expensive failed takeover of Asian insurer AIA, he is to defer the entire bonus for the full three years.

Thiam was not the best paid director, however. The report shows that Michael McClintock, who is head of Pru subsidiary M&G, received £8.4m. The disclosure was made because of Hong Kong listing rules.