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Fresh call for Pru chairman McGrath to quit
06 September 2010
A group of institutional shareholders is threatening to issue a joint letter demanding the resignation of Harvey McGrath as chairman of Prudential. The shareholders, who claim their frustrations are not being addressed following the Pru's failed $35bn bid for AIA Group, are preparing to renew their assault on the chairman over the next few weeks, writes the Telegraph. The decision for direct action comes in the middle of an investor roadshow the Pru hoped would draw a line under the rebellion which flared up in June. The shareholders told the paper they are still angry the Pru spend £450m on advisers' fees, even in the face of hostility for its bid for AIA, the Asian arm of AIG, the US insurer. The deal would have been one of the largest foreign takeovers attempted by a British company and would have made the Pru the biggest insurer in Asia. Published by IFAOnline
