Prudential chairman's re-election opposed by 20%

19th May 2011 17:18

More than 20% of shareholder votes went against the re-election of Harvey McGrath as chairman of the insurance giant Prudential at its annual meeting amid lingering resentment over its failed attempt to buy US insurance giant AIG's Asian assets.His re-election was backed by 1,362,173,221 votes and opposed by 383,658,368, with 115,292,696 abstaining.Earlier this month, the Pru reported that strong growth in Asia and the US helped the insurance giant Prudential shrug off a more sluggish performance in the UK to continue growing strongly in the first quarter of 2011. But the company's failed attempt to buy the Asian business of US firm AIG Asia last year cost the company hundreds of millions of pounds. At the time it was mostly chief executive Tidjane Thiam who was in the firing line, but he was re-elected by more than 99% of the vote today.Nevertheless McGrath is quoted as saying after the vote that, "Getting the support of 80% of the shareholders is a pretty good mandate and we will take it forward on that basis."---RG