RNS Number : 6100G
16 November 2022
16 November 2022
Prudential plc Board changes
Prudential plc (Prudential) continues to shape its Board
membership consistent with the Group's strategic focus on Asia and
Africa. Accordingly, it announces the following Board changes:
-- Jeremy Anderson to succeed Philip Remnant as Senior
Independent Director. As previously disclosed, Mr Remnant will
retire from the Board having been a member since 2013. Both these
changes will take effect from the conclusion of the Annual General
Meeting (AGM) in May 2023.
Mr Anderson joined the Board in January 2020 and has been Chair
of the Risk Committee since May 2020 and a member of the Audit
Committee since joining. He will also join the Nomination &
Governance Committee with immediate effect. Mr Anderson will step
down from the Responsibility & Sustainability Working Group
(Working Group) on 31 March 2023.
-- Tom Watjen, who is based in the United States and joined the
Board as Non-executive Director in 2017, will also step down from
the Board at the conclusion of the 2023 AGM.
-- The appointment of Claudia Suessmuth-Dyckerhoff as a
Non-executive Director, announced on 10 August 2022, has now
received regulatory approval and will take effect from 1 January
2023. She is to join the Risk Committee and the Working Group on
-- It is the practice of many of the Boards of Asia listed
companies not to have Chief Financial Officers as Board members or
Executive Directors. As such, Prudential's Group Chief Financial
Officer, James Turner, will step down from the Board with effect
from 1 January 2023.
Mr Turner will remain Group Chief Financial Officer and a member
of the Group Executive Committee. He will be a standing attendee at
future Board meetings along with Avnish Kalra, Group Chief Risk and
Simon Kutner +44 (0)7581 023 260 Patrick Bowes +852 9611 2981
Ping Ping Tan +65 9845 8904 William Elderkin +44 (0)20 3977 9215
Darwin Lam +852 2918 6348
Notes to Editors
Prudential's Board has evolved significantly since the
appointment of the new Chair on 1 January 2020.
The number of Executive Directors on the Prudential plc Board
was seven in 2017, three on 1 January 2021, and will reduce to one
from the start of 2023.
Since 1 January 2020, the Board has recruited six new
Non-executive Directors with Asian operating experience, to
supplement the existing skills and experience on the Board.
The Company confirms that there is no further information
required to be disclosed pursuant to Rule 13.51(2) of the Rules
Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited. There are no other matters that need to be brought to
the attention of shareholders of Prudential.
Section 430(2B) Companies Act 2006 Statement
The following information is provided in accordance with section
430(2B) of the Companies Act 2006.
Today, the Company announced that James Turner, Group Chief
Financial Officer, will step down from the Board with effect from 1
January 2023 and will continue as a member of the Group Executive
Remuneration arrangements in respect of Mr Turner's departure
from the Board have been determined by the Group Remuneration
Committee in line with Prudential plc Directors' remuneration
policy approved by shareholders at the 2020 AGM. Mr Turner will not
receive any loss of office payment in respect of his service as
Salary, pension and benefits
Salary, pension and benefits will continue to be paid to Mr
Turner as he will remain a member of the Group Executive Committee
after he leaves the Board.
Outstanding awards under the Prudential Deferred Annual
Incentive Plan will be released on the original timetable. They
remain subject to malus and clawback provisions and will continue
to accumulate dividends until they are released.
Outstanding long-term incentive awards will vest in line with
the original vesting dates, subject to the satisfaction of the
original performance conditions under the plan rules. These awards
will also continue to accumulate dividend equivalents until they
are released and will remain subject to the original malus and
clawback provisions and a two-year holding period following the end
of the three-year performance period.
Mr Turner is eligible for a 2022 bonus as he remains an
Executive Director for the full 2022 performance year. This award
will be determined on performance achieved when the 2022 results
are known. 60% of Mr Turner's Annual incentive award will be paid
in cash in the usual way, and 40% will be deferred into Prudential
plc shares (to be released in the Spring of 2026) under the
Prudential Deferred Annual Incentive Plan. This award will continue
to be subject to malus and clawback provisions.
In line with the Directors' remuneration policy approved by
shareholders at the 2020 AGM, Mr Turner will be required to hold
the lower of his actual shareholding when he steps down from the
Board on 31 December 2022 and his current share ownership guideline
of 250% of salary for a period of two years. Thereafter, the
Company's shareholding guidelines that apply to members of the
Group Executive Committee will apply to him. Mr Turner will
continue to be required to obtain clearance to deal in the
Details of Mr Turner's remuneration earned in respect of his
service on the Prudential plc Board will be disclosed in accordance
with applicable requirements in Prudential plc's 2022 Annual
Report, to be published in the Spring of 2023.
About Jeremy Anderson
Jeremy Anderson was formerly the Chairman of Global Financial
Services at KPMG International having previously been in charge of
its UK Financial Services Practice and held roles including, Head
of Financial Services KPMG Europe, Head of Clients and Markets KPMG
Europe and CEO of KPMG's UK consulting business. He served as a
member of the Group Management Board of Atos Origin and as Head of
its UK operations. Mr Anderson also served on the board of the UK
Commission for Employment and Skills.
-- UBS Group AG / UBS AG (Audit Committee Chair, Senior
-- The Productivity Group
-- The Kingham Hill Trust
About Claudia Suessmuth-Dyckerhoff
Dr Suessmuth-Dyckerhoff joined the global consultancy firm
McKinsey & Partners in 1995 and worked in a number of senior
roles. She was responsible for helping to build the firm's
healthcare Services and Systems sector in Asia Pacific, including
working with the Chinese Ministry of Health to help develop their
views on China's national healthcare systems. Much of the client
work during this period involved transformation through technology,
digital and data and her board experience in recent years has
helped her develop valuable insights around the implementation of
this in healthcare services. She has experience across various
Asian markets and, in particular, in China having been based in
Shanghai for nearly 15 years and in Hong Kong for a further two
Dr Suessmuth-Dyckerhoff has a portfolio of non-executive
directorship roles, mostly in the healthcare and healthcare
technology sectors. She is currently a non-executive director of
the following listed companies: Ramsay Health Care Ltd, Clariant AG
and Hoffman-La Roche AG. She is also a non-executive director of
Huma Therapeutics Ltd, QuEST Global Services Private Ltd and an
advisor to aMoon Ventures Y.SH. Ltd.
About Prudential plc
Prudential plc provides life and health insurance and asset
management in 23 markets across Asia and Africa. The business helps
people get the most out of life, by making healthcare affordable
and accessible and by promoting financial inclusion. Prudential
protects people's wealth, helps them grow their assets, and
empowers them to save for their goals. The business has more than
19 million life customers and has dual primary listings on the
Stock Exchange of Hong Kong (2378) and the London Stock Exchange
(PRU). It also has a secondary listing on the Singapore Stock
Exchange (K6S) and a listing on the New York Stock Exchange (PUK)
in the form of American Depositary Receipts. It is also a
constituent of the Hang Seng Composite Index.
Prudential is not affiliated in any manner with Prudential
Financial, Inc. a company whose principal place of business is in
the United States of America, nor with The Prudential Assurance
Company Limited, a subsidiary of M&G plc, a company
incorporated in the United Kingdom.
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(END) Dow Jones Newswires
November 16, 2022 03:34 ET (08:34 GMT)
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