Insurance company Prudential has announced its executive directors have volunteered to take a pay cut amid the coronavirus pandemic.
In an update, the company said while the full impact of Covid-19 is still emerging, Prudential has a highly resilient business model and remains well placed to support its customers and distribution partners, and deliver profitable growth for its shareholders.
In light of the current situation and the need for continued restraint in executive remuneration, Prudential’s executive directors have also taken a reduction in their pension benefits of incumbent executive directors from 25% to13% of salary, with effect from 14 May 2020.
The group chief financial officer and chief operating officer’s 2020 Prudential Long Term Incentive Plan award will be maintained at 250% and will no longer increase to 300% of salary.
The remuneration committee will operate these changes within the directors’ remuneration policy proposed at the Annual General Meeting on 14 May 2020.