Pru execs miss out on bonus scheme
Prudential finance director Philip Broadway will once again have to wait for his big pay day after the life assurer shelved plans for the introduction of a controversial executive pay scheme.
The move to abandon plans for the second time comes after the company made its fourth cut this year in bonuses for its 2.1m UK with-profits policyholders because of ‘ongoing market turbulence’.
Although the company has not ruled out returning to the plan at a later date, it said that introducing it now would send out the wrong message to policyholders and shareholders alike. The introduction of the scheme would have meant million pound bonuses for key executives.