Prudential board approves Say on
Pay for holders
Life insurance seller Prudential gives shareholders
Say on Pay vote on compensation
On 5:55 pm EDT, Tuesday October 13, 2009
NEWARK, N.J. (AP) -- Prudential Financial
Inc. said Tuesday its board has approved giving shareholders an advisory
vote on executive compensation, a so-called Say on Pay, that many companies
have adopted in the face of criticism of soaring executive pay.
Shareholders of Newark, N.J.-based Prudential
will get to vote every other year on the compensation policies set by the
board committee that decides how to pay executives.
Prudential follows other companies that have
approved similar Say on Pay voting power for shareholders. The Obama
administration has proposed requiring it at all public companies.
Prudential sells life insurance and manages
assets for investors, as well as other services.
Its shares rose 30 cents to $50.11 in
aftermarket trading after closing Tuesday at $49.81, up 2 percent from the
previous day's close.
Copyright © 2009 The
Associated Press. All rights reserved.