25 January
2024
Prudential plc Board
changes
Prudential plc ("Prudential") today
announces the following.
Appointment of Mark Saunders as a Non-executive
Director
Mr Saunders will join the Board with
effect from 1 April 2024 and will also become a member of the Audit
and Risk Committees.
Mr Saunders has extensive knowledge of the insurance industry and Asia markets
having been employed in the industry for 35 years, with the last 30
of those based in Hong Kong and is a qualified actuary. From 2014
to 2022 he served on the executive committee of AIA Group Ltd as
Chief Strategy and Corporate Development Officer. He previously
spent over 16 years at Tillinghast (now Willis Towers Watson) where
he led a large number of actuarial appraisal value assessments of
insurers across 20 markets in Asia Pacific, ultimately becoming
leader of the Hong Kong business.
Audit Committee Chair succession
David Law, member of the Board since
September 2015 and Chair of the Audit Committee since May 2017,
will retire from the Board at the conclusion of the Annual General
Meeting ("AGM") on 23 May 2024 and will therefore not be seeking
re-election.
Jeanette Wong will succeed Mr Law as
Chair of the Audit Committee with effect from 20 March 2024,
following the publication of the Group's 2023 full year results. Ms
Wong has been a member of the Audit Committee since joining the
Board in May 2021.
Remuneration Committee membership
Shriti Vadera, Chair of Prudential
plc, will join the Remuneration Committee as a member with effect
from the conclusion of the AGM.
Ms Vadera said: "I am delighted that Mark is
joining us. He brings deep experience of the insurance industry in
our key markets, and his blend of commercial insight and actuarial
skills and experience will be a great asset to the Board and to the
Audit and Risk Committees.
We
will have the opportunity to express our gratitude to David more
fully at the AGM in May. In the meantime, on behalf of the
Board, I would like to thank him for his immense contribution to
the Board, in particular through his leadership of the Audit
Committee for the past seven years, and to thank Jeanette for
agreeing to take on this additional
responsibility."
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Notes to Editors
About Mark Vincent Thomas
Saunders FIA, FASHK
Starting his actuarial career in
1988 at UK headquartered insurance business Clerical Medical
Investment Group, he relocated to Hong Kong in 1994. Mr
Saunders joined Tillinghast (now Willis Towers Watson) in 1997 and
during his 16 year tenure he led actuarial appraisal value
assessments of insurers across 20 markets in Asia Pacific,
ultimately becoming leader of the Hong Kong business and
transforming the Asia Pacific Insurance consulting practice. In
2014, he joined the executive committee of AIA Group Ltd as Group
Chief Strategy and Corporate Development Officer, where he served
for eight years.
Since retiring in March 2022, Mr
Saunders has remained active in the insurance industry via formal
and informal advisory roles. He is currently a Senior Advisor to
Blackstone Credit & Insurance (a business unit of Blackstone
Inc), an External Advisor to the Financial Services Practice of
Bain and Company, (a business unit of Bain International Inc) and
serves on a number of industry councils and
associations.
Mr Saunders is a Fellow of the
Faculty of Actuaries of the UK and the Actuarial Society of Hong
Kong.
Age: 60
Shareholding
Mr Saunders holds 13,750 Ordinary
Shares of Prudential plc.
Length of service
Non-executive Directors are usually
appointed for an initial three-year term. They are typically
expected to serve for two three-year terms, although the Board may
invite them to serve for an additional period.
Remuneration
Non-executive Directors are not
eligible to participate in annual bonus plans, long-term incentive
plans or pension arrangements. Their fees are determined by the
Board and reflect their individual responsibilities, including
committee membership as appropriate.
The annual fee on appointment for a
Non-executive Director consists of a basic fee of $125,000. Mr
Saunders will receive additional annual fees
of $37,000 for his membership of the Audit Committee
and $37,000 for his membership of the Risk
Committee.
Ms Wong will receive the same annual
fee for Chairing the Audit Committee as Mr Law received,
$92,000.
Ms Vadera will not receive
additional remuneration for joining the Remuneration
Committee.
Regulatory disclosures
Mr Saunders is considered
independent for the purposes of the UK Corporate
Governance Code and the Rules Governing the Listing of Securities
on The Stock Exchange of Hong Kong Limited (Hong Kong Listing
Rules).
Mr Saunders has confirmed (a) his independence as regards each of the factors referred to in
Rule 3.13(1) to (8) of the Hong Kong Listing Rules;
(b) he does not have any
past or present financial or other interest in the business of the
Company or its subsidiaries or any connection with any core
connected person of the Company; and (c) there are no other factors that
may affect his independence at the time of his
appointment.
Mr Saunders will also join the Board
of Prudential Corporation Asia Limited ("PCAL"), a wholly-owned
subsidiary of Prudential. Mr Saunders will join the Board of PCAL
with effect from 1 April 2024.
Save as disclosed above, there is no
further information required to be disclosed pursuant to Listing
Rule 9.6.13 (1) - (6) of the Listing Rules of the Financial Conduct
Authority and Rule 13.51(2) of the Hong Kong Listing
Rules.
There are no other matters that need
to be brought to the attention of shareholders of Prudential in
respect of Mr Law's resignation.
About Prudential plc
Prudential plc provides life and
health insurance and asset management in 24 markets across Asia and
Africa. Prudential's mission is to be the
most trusted partner and protector for this generation and
generations to come, by providing simple and accessible financial
and health solutions. The business 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 a
constituent of the Hang Seng Composite Index and is also included
for trading in the Shenzhen-Hong Kong Stock Connect programme and
the Shanghai-Hong Kong Stock Connect programme.
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.
https://www.prudentialplc.com/