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05/04/2002
Prudential pay increase comes in for criticism
UK insurer Prudential has come under attack after it emerged that its board awarded itself a 44 per cent pay rise in 2001, while most of the company's staff got less than four per cent.
According to the company's annual report, published on Thursday April 4, the decision was taken despite the Prudential sliding £455m into the red last year, as well as shedding staff and selling off businesses to reshape itself.
As a result the chief executive of Prudential could earn up to £18m over the next three years under the firm's pay plan.
Attacking the Prudential board's pay rise, chief of the Institute of Directors, George Cox, told Radio 4's Today programme: "You can't be giving directors very high increases when you're expecting everyone else to share the pain of being held back."
The Prudential has announced plans to axe 2,100 jobs by the end of 2003 as part of a company-wide restructuring.
The Institute of Directors' survey of pay rises in UK boardrooms last year found bosses got an average increase of four per cent. (MB)
According to the company's annual report, published on Thursday April 4, the decision was taken despite the Prudential sliding £455m into the red last year, as well as shedding staff and selling off businesses to reshape itself.
As a result the chief executive of Prudential could earn up to £18m over the next three years under the firm's pay plan.
Attacking the Prudential board's pay rise, chief of the Institute of Directors, George Cox, told Radio 4's Today programme: "You can't be giving directors very high increases when you're expecting everyone else to share the pain of being held back."
The Prudential has announced plans to axe 2,100 jobs by the end of 2003 as part of a company-wide restructuring.
The Institute of Directors' survey of pay rises in UK boardrooms last year found bosses got an average increase of four per cent. (MB)
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Trimmed down Prudential report rise in revenue
The UK insurance company Prudential has reported a 54 per cent rise in insurance and investment revenues. The Prudential unveiled that insurance and investment had risen to £21.5 billion for the whole of last year. The group said expansion during the year helped lift its operating profits to £1.19 billion, up 15 per cent, after restructuring costs.
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29 August 2001
UK’s top directors pay increase is five times the average rise
A survey for The Guardian newspaper by compensation consultants Inbucon has revealed that Britain's top directors received an average pay rise of 28 per cent last year, more than five times higher than the rise in the UK's average wage.
UK’s top directors pay increase is five times the average rise
A survey for The Guardian newspaper by compensation consultants Inbucon has revealed that Britain's top directors received an average pay rise of 28 per cent last year, more than five times higher than the rise in the UK's average wage.
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