THE CHIEF executive of Prudential could land a performance-related bonus for last year worth up to £4.3m, despite the protests of some vocal shareholders.
Britain’s biggest insurer, headed by Tidjane Thiam, is expected to announce a leap in operating profits that will land him a bumper payout. It could post an increase of almost 25 per cent for last year, hitting £1.7bn.
A clause in Thiam’s contract means financial performance at the firm could trigger a bonus worth up to 180 per cent of his £900,000 a year salary. He could also receive a payment worth up to 300 per cent of salary under a long-term incentive plan.
The Pru’s remuneration committee has yet to discuss the payout, yet financial targets alone dictate 80 per cent of the sum.
Rebel shareholders had asked the board to limit payments to Thiam, after he failed to successfully takeover Asian rival AIA to create a global insurance behemoth.
Investors were outspoken in their criticism of Thiam’s proposed takeover.
The firm had paid the cash in adviser fees on the deal, which would have been one of the largest takeover deals by a British firm.