Pru seeks views on Bloomer pay deal
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Your support makes all the difference.Prudential, the UK's second largest insurance company, is canvassing institutions about a possible new pay rise for its chief executive, Jonathan Bloomer. The move comes after Prudential was embarrassingly forced to abandon plans on the eve of its AGM in May this year to award a package to Mr Bloomer that could have seen him earning £18m over three years.
At the time the company insisted it was withdrawing the plan before only "modestly" altering it for 2003. But institutions, which have met Prudential representatives since then, say the company is "anxious" about the pay deal, which is likely to be "much more mainstream" than the previous deal.
The insurer is expected to start giving more details of the remuneration package soon, in order to give institutional investors time to consider it before its next AGM in May 2003.
Prudential is likely to be particularly careful in the light of the storm of outrage that has followed the leaking of details of the package intended for Jean-Pierre Garnier, the chief executive of drugs giant GlaxoSmithKline.
One large institutional investor said: "As an institution looking after other people's money it was not seemly to be in the lead in the amount of pay you give your executives."
Prudential said the payment plan suggested earlier this year was linked to Prudential's share price, which has subsequently fallen sharply in line with the sector.
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