Prudential chairman survives protest vote

Prudential’s chairman Harvey McGrath has insisted he will continue in his role despite a mini revolt at the company’s AGM yesterday.

A protest vote saw 21.98% of investors vote against his reappointment amid continuing anger over his role in the firm's failed $35.5bn deal for rival AIA.

Institutional shareholder Fidelity was among the high profile backers of the protest vote, the Telegraph reports.

McGrath said: "The chairman becomes the lightning rod for shareholder issues at large and that's what's reflected in the voting today.

"I don't think there are areas of dispute, it's a question of continuing the level of engagement we've had over the last six to nine months."

Meanwhile, chief executive Tidjane Thiam, who had previously come under pressure following the failed AIA deal, received support from 99% of investors for his re-election.