The following text is the text of an announcement released to
the Stock Exchange of Hong Kong Limited on 27 March 2024 pursuant
to rule 17.06A of the Rules Governing the Listing of Securities
(the "Listing Rules") on the Stock Exchange of Hong
Kong.
Hong Kong Exchanges and Clearing Limited, The Stock Exchange
of Hong Kong Limited and the Singapore Exchange Securities Trading
Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for
any loss howsoever arising from or in reliance upon the whole or
any part of the contents of this announcement.
(Incorporated and registered
in England and Wales with limited liability, registered number
01397169)
(Stock
Code: 2378)
GRANT OF SHARE
AWARDS
The attached announcement is being
released by Prudential plc on the date below.
By order
of the Board
Prudential
plc
Tom
Clarkson
Company
Secretary
27 March 2024, Hong Kong
As at the date of this announcement,
the Board of Directors of Prudential plc comprises:
Chair
Shriti Vinodkant Vadera
Executive Director
Anil Wadhwani (Chief Executive Officer)
Independent Non-executive Directors
Jeremy David Bruce Anderson
CBE, Arijit Basu, Chua Sock Koong,
David John Alexander Law ACA,
Ming Lu, George David Sartorel,
Claudia Ricarda Rita Suessmuth Dyckerhoff,
Jeanette Kai Yuan Wong and Yok Tak
Amy Yip
*
For identification purposes
27 March 2024
GRANT OF SHARE
AWARDS
This announcement is made pursuant
to Rule 17.06A of the Rules Governing the Listing of Securities
(the "Listing Rules") on The Stock Exchange of Hong Kong
Limited.
Prudential plc ("Prudential")
announces that on 26 March 2024, an award (the "Award") was granted
over a total of 697,317 new ordinary shares of Prudential to Anil
Wadhwani, a director and Chief Executive Officer of Prudential,
under the Prudential Long Term Incentive Plan 2023 (the
"PLTIP").
A summary is set out
below:
|
Date of grant
|
:
|
26 March 2024
|
|
Number of shares under Award
granted
|
:
|
697,317
|
|
Purchase price of the Award
granted
|
:
|
Nil
|
|
Closing price of the shares on the
date of grant
|
:
|
HK$ 75.1 per share
|
|
Vesting period of the Award
granted
|
:
|
The vesting period is three years
from the date of grant.
|
|
Performance targets and clawback
mechanism
|
:
|
Performance Targets: The PLTIP has
stretching performance conditions aligned to the strategic
priorities of the Prudential Group. The performance period is 1
January 2024 - 31 December 2026. The conditions are
summarised below, with confirmation of the threshold requirements,
which result in 20% of the award element vesting:
|
Performance Target
|
Weighting
|
Summary Description
|
|
Total Shareholder Return
(TSR)
|
45%
|
Measured on a ranked basis over three
years relative to a peer group of 12 other insurance companies.
Threshold is a median ranking.
|
|
New Business Profit (NBP)
|
15%
|
Cumulative NBP measures the creation
of writing new business and is a key metric to indicate growth.
Threshold is US$10,305m.
|
|
Gross Operating Free Surplus
Generation (OFSG)
|
15%
|
Cumulative Gross OFSG will be
calculated as the operating free surplus generated within local
businesses before the investment in new business and any central
costs. Threshold is US$8,279m.
|
|
Group GWS Operating Capital
Generation
|
5%
|
Cumulative GWS operating capital
generation. The threshold figure for this metric will be published
in the Annual Report for the final year of the performance
period.
|
|
Group GIECA Surplus
Generation
|
5%
|
Cumulative GIECA measure. The
threshold figure for this metric will be published in the Annual
Report for the final year of the performance period.
|
|
Carbon Reduction Measure
|
5%
|
Reduction of weighted average carbon
intensity, with a threshold of a 47.5% reduction. Any vesting will
be dependent on also meeting a transition finance
underpin.
|
|
Diversity Measure
|
5%
|
Measured as a % of the Group
Leadership Team (GLT) that is female at the end of 2026, with a
threshold of 38% representation.
|
|
Conduct Measure
|
5%
|
Through appropriate management
action, ensure there are no significant conduct/ culture /
governance issues that could result in significant capital add-ons
or material fines, with a threshold of partial
achievement.
|
|
Total
|
100%
|
|
Clawback mechanism: Clawback may be
applied where there are the following exceptional circumstances at
any time before the fifth anniversary of the award date:
·
a material misstatement in the published results
of any member of the Prudential group for any period during or
after the performance period (or if no performance periods are
applicable, the vesting period);
·
an error in the assessment of any applicable
performance conditions or the determination of the number of shares
subject to an award (or where such assessment was based on
inaccurate or misleading information);
·
gross misconduct;
·
a breach by the participant of any restrictive
covenants or other similar undertakings;
·
where the participant has caused a material
financial loss for the Prudential group as a result of (i)
reckless, negligent or wilful actions or omissions; or (ii)
inappropriate values or behaviour;
·
where a member of the Prudential group is censured
by a regulatory body or suffers significant reputational damage;
and
·
insolvency or corporate failure.
|
The Award has been approved by the
independent non-executive directors of Prudential pursuant to Rule
17.04(1) of the Listing Rules.
As at the date of this announcement,
the maximum number of shares available for future grant under the
scheme mandate of the plan and any other plans is
205,749,804.
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/