Prudential backs down over executive bonuses

Life
assurer Prudential has backed down over its executive pay scheme, just as the
proposal was to be voted on by shareholders.

The
move comes after some of Prudential’s biggest shareholders challenged the
scheme to force the change.

Under
the scheme, executives could have earned millions of pounds if they met targets.

The
reversal is being seen as a victory for shareholder activism against corporate
governance, but is said to have angered Prudential bosses who feel their
ability to govern the company was wrongly challenged.

By Quentin Reade

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