SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of January, 2024
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation
of registrant's name into English)
13/F, One International Finance Centre,
1 Harbour View Street, Central,
Hong Kong, China
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F X
Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82-
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/
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date: 25
January 2024
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PRUDENTIAL
PUBLIC LIMITED COMPANY
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By: /s/ Thomas S Clarkson
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Thomas
S Clarkson
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Company
Secretary
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Prudential (NYSE:PUK)
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