Shareholder ire spreads to Pru and Cookson

The Prudential and engineering group Cookson this afternoon became the latest major companies to suffer shareholder revolts over excessive boardroom pay.

At Prudential’s annual meeting, more than 30% of shareholders voted against the remuneration report, which said Michael McLintock, head of its M&G fund management outfit, should be paid£7.6 million — 60% more than the £4.7 million being trousered by chief executive Tidjane Thiam.

Chairman Harvey McGrath acknowledged the large group of discontented shareholders, saying: “We will, of course, engage with them to understand their concerns.”

Engineer Cookson saw nearly a third of shareholders rebel against the £6 million incentive for chief executive Nick Salmon, voting against the company’s pay report.

Activist shareholder Cevian, which has been agitating for change, got one of its executives, Christer Gardell, onto the board.

Cookson said it was now planning to split itself in two, meaning investors would get separately listed shares in its engineered ceramics and performance materials divisions.