Pru survives revolt on pay

INSURANCE giant Prudential yesterday saw a small shareholder revolt over executive pay levels, as 11 per cent of investors voted against the company’s remuneration report at its AGM.

Shareholder advisory group Pirc recommended a vote against the pay deal after the company was fined £30m for failing to keep regulators informed on its failed takeover for the AIA insurance business.

Pirc said this raised “serious concerns about judgement of the CEO and the board”. But a strong rise in profits and high dividend were enough to placate investors.