Prudential executive directors take pay cut amid Covid-19 crisis
By Michele Maatouk
Date: Thursday 09 Apr 2020
(Sharecast News) - Prudential said on Thursday that its executive directors will take a pay cut due to the coronavirus pandemic.
Executive directors will take a pay cut from 1 April - those who received a pay rise will see their salaries returned to the same level as December 2019 - while pension benefits will drop to 13% of salary from 25% with effect from 14 May.
Meanwhile, the chief financial and chief operating officers' 2020 long-term incentive plan award will be maintained at 250%, rather than rising to 300% of salary.
"While the full impact of Covid-19 is still emerging, Prudential has a highly resilient business model and remains well placed to support its customers and distribution partners, and deliver profitable growth for its shareholders," it said.
Prudential has not yet announced a decision on its final dividend amid pressure from the Bank of England.
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