Pay bonanza at Prudential
PRUDENTIAL boss Tidjane Thiam saw his pay and benefits jump by 11 per cent to nearly £8.7million last year as the insurance giant hit three-year growth and cash generation targets.
Thiam’s annual salary of just over £1m was topped up by a £2m bonus and more than £5m from long-term incentive schemes.
Mike Wells, chief executive of Pru’s US business Jackson, was awarded £11.7m in pay and benefits, while Jackie Hunt, recently appointed boss of the UK operation, gets £3.5m.
The committee sets stretching performance ranges and the bonuses awarded reflect these excellent achievements during 2013, which have generated substantial value for our shareholders
Prudential delivered a 17 per cent rise in annual operating profit to £2.95billion and its share price jumped 50 per cent in 2013.
Lord Turnbull, chairman of the remuneration committee, said: “The committee sets stretching performance ranges and the bonuses awarded reflect these excellent achievements during 2013, which have generated substantial value for our shareholders.
“Share price growth and a dividend policy change means £100 invested in Prudential on January 1 2009 increased to £434 by December 31 2013. This outstanding track record means that Prudential’s shareholder return is, once more, significantly ahead of our peers.”
