UK insurer Prudential paid its Chief Executive Officer (CEO) Tidjane Thiam 7.8 million pounds last year after he was reprimanded by the British watchdog over a bid for AIA Group.
In its annual report Friday, the company said Thiam received a £1.0m salary, a £2.9m bonus and £4.4m in long-term incentives for his performance in 2012.
The firm paid its directors £35.2m last year compared with £31.4m in 2011.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Thiam last week received a public reprimand from the Financial Services Authority for not informing it of its offer for AIA Group early enough in 2010. He became the first serving CEO to receive a reprimand from the UK regulator and Prudential was fined £30m.
Prudential's shares have risen almost 90% since the AIG deal fell through three years ago.
The company reported a 25% increase in 2012 operating profit to £2.53bn, beating analysts' estimates. The results were driven by strong performances in Asian countries such as Indonesia, Singapore and Malaysia.
The firm's full-year dividend was raised 16% to 29.19 pence a share.
"The excellent results delivered in 2012 build on strong financial performance over recent years," Andrew Turnbull, Chairman of Prudential's remuneration committee, wrote in the report.
"This has generated significant returns for shareholders over the period 2010 to 2012 through share price growth and dividends paid."
Shares fell 0.85% to 1,046p at 11:15 Friday.
RD
-
Lloyds, Halifax and Bank of Scotland to shut another 45 branchesLloyds Banking Group, which includes Halifax and Bank of Scotland, is set to close a further 45 branches in 2024 - find out if a branch near you is closing.
-
US stock trading app Robinhood launches in the UK
The low-cost trading platform has opened another waiting list for British investors - following two failed attempts to launch in this country - and is hoping to be fully operational next year.
