Group Remuneration Policy

Key principles

To ensure that the Business Units and the Group Head Office have an effective approach in place to reward our employees in an appropriate way which:

  • Aligns incentives to business objectives in order to support the delivery of Group and Business Unit business plans and strategies
  • Enables the recruitment and retention of high calibre employees and incentivises them to achieve success for their BU and the Group
  • Is consistent with the organisation's risk appetite

Policy Detail

Business Units and the Group Head Office will have clearly documented processes, and where appropriate a policy, in place for determining reward. These will be in line with the Group Reward Principles:

Group Reward Principles

  • Pay for Performance
  • Tailored to the relevant market
  • Interest in Prudential shares
  • Business Unit and Group focus
  • Shareholder value creation
  • Fair and transparent system for all
  • Designed to minimise regulatory and operational risk
  • Safeguards to avoid conflicts of interest

Communication about reward should be clear, regular and effective.

Reward structures must take into account

  • UK regulatory frameworks and shareholder views
  • Local legal, tax and governance and regulatory frameworks
  • Individual contribution and attitude to risk
  • Market positioning
  • Equity with peers
  • The risk appetite of the business

Governance Framework

  • The Group Remuneration Committee approves the structure and value of remuneration for Group Executive Committee members and monitors the remuneration of Leadership Team members and other selected individuals including those roles within scope of the specific arrangements referred to in Article 275 of the Solvency II.
  • BU Remuneration Committees approve (and report to the Group Remuneration Committee) the structure and value of remuneration for Leadership Team members and other selected individuals including those roles within scope of the specific arrangements referred to in Article 275 of the Solvency II.