Difference between revisions of "Prudential plc"
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==Activities== | ==Activities== | ||
| − | In 2012 Prudential's chief executive [[Tidjane Thiam]], who sits on Prime Minister [[David Cameron]]'s [[Business Advisory Group]], made public threats that the firm would take its business out of Europe if new European solvency rules for insurers were implemented. <ref> Alistair Osborne, [http://www.telegraph.co.uk/finance/comment/alistair-osborne/9109721/Forget-moving-Prudential-chief-Tidjane-Thiam-should-consider-a-break-up.html Forget moving, Prudential chief Tidjane Thiam should consider a break-up], 27 Feb 2012 </ref> This came amid revelations that the firm had paid just £234m in UK tax over the past five years. | + | In 2012 Prudential's chief executive [[Tidjane Thiam]], who sits on Prime Minister [[David Cameron]]'s [[Business Advisory Group]], made public threats that the firm would take its business out of Europe if new European solvency rules for insurers were implemented. <ref> Alistair Osborne, [http://www.telegraph.co.uk/finance/comment/alistair-osborne/9109721/Forget-moving-Prudential-chief-Tidjane-Thiam-should-consider-a-break-up.html Forget moving, Prudential chief Tidjane Thiam should consider a break-up], 27 Feb 2012 </ref> This came amid revelations that the firm had paid just £234m in UK tax over the past five years. Many commentators criticised the Pru, with some saying it should just pack up and go, and analysts suggested the insurer's threat to redomicile to Hong Kong "was an effort to persuade regulators to soften or delay Solvency II regulations ahead of their scheduled introduction in 2014". <ref> Jonathan Sibun, [http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/insurance/9109141/Prudential-has-paid-just-234m-UK-tax-in-five-years.html Prudential has paid just £234m UK tax in five years], 28 Feb 2012, accessed 14 May 2012 </ref> |
| − | + | In an unprecedented move, the [[European Commission]] also openly criticised Prudential for its threats. :Solvency II will improve the international competitiveness of insurers, and not undermine it. The existing regulatory regime for insurers is outdated. What we want to achieve with Solvency 2 is simple: good risk management and greater protection for policyholders. We count on all parties involved, including Prudential, to work constructively in order to find suitable solutions to them. | |
==Record and Controversies== | ==Record and Controversies== | ||
Revision as of 13:45, 15 May 2012
Prudential plc is an international financial services company founded in 1848 and headquartered in London.[1]
Contents
Activities
In 2012 Prudential's chief executive Tidjane Thiam, who sits on Prime Minister David Cameron's Business Advisory Group, made public threats that the firm would take its business out of Europe if new European solvency rules for insurers were implemented. [2] This came amid revelations that the firm had paid just £234m in UK tax over the past five years. Many commentators criticised the Pru, with some saying it should just pack up and go, and analysts suggested the insurer's threat to redomicile to Hong Kong "was an effort to persuade regulators to soften or delay Solvency II regulations ahead of their scheduled introduction in 2014". [3]
In an unprecedented move, the European Commission also openly criticised Prudential for its threats. :Solvency II will improve the international competitiveness of insurers, and not undermine it. The existing regulatory regime for insurers is outdated. What we want to achieve with Solvency 2 is simple: good risk management and greater protection for policyholders. We count on all parties involved, including Prudential, to work constructively in order to find suitable solutions to them.
Record and Controversies
Revolving Door
- Former British diplomat Hugh Davies was Executive Director of Prudential Corporation Asia, from 1999 to 2005.[4]
- Kathleen O'Donovan, non-executive director of Prudential since May 2003, was a Director of Court of the Bank of England from August 1999 to June 2005.[5][6]
- Sir Christopher Hum, former Ambassador to China was appointed a Special Advisor to Prudential plc in June 2006.[7]
- John Prout, Customer Sales and Retention Director at National Savings and Investments, worked at Prudential plc from 1987 to 2001 as Business Planning Director.[8]
- U.K. Life Peer Andrew Turnbull, Lord Turnbull of Enfield, a Permanent Secretary at HM Treasury from 1998 to 2002 and Secretary of the Cabinet and Head of the Home Civil Service from 2002 to 2005, was appointed a Non-executive director at Prudential plc in 2006.[9]
Affiliations
Contact
- Website:
- http://www.prudential.co.uk/
|
This article is part of the Revolving Door project of Spinwatch. |
Resources
- Ian Youngman, If you don't do what I want I'm going to leave, MoneyMarket.com Thursday, 03 May 2012
- Bloomberg Businessweek, BAAN COMPANY NV, accessed 01 February 2011.
- European Commission, EU-CHINA ROUNTABLE ON FINANCIAL SERVICES AND REGULATION > Participants, accessed 01 February 2011.
- NS&I, John Prout > Sales Director, accessed 01 February 2011.
- Prudential, Our Board, accessed 01 February 2011.
- Who's Who 2009, DAVIES, Hugh Llewelyn, online edition, Oxford University Press, accessed 24 March 2009.
- Who's Who 2009, TURNBULL, online edition, Oxford University Press, accessed 24 March 2009.
Notes
- ↑ Prudential plc is not affiliated in any manner with Prudential Financial.
- ↑ Alistair Osborne, Forget moving, Prudential chief Tidjane Thiam should consider a break-up, 27 Feb 2012
- ↑ Jonathan Sibun, Prudential has paid just £234m UK tax in five years, 28 Feb 2012, accessed 14 May 2012
- ↑ Who's Who 2009, DAVIES, Hugh Llewelyn, online edition, Oxford University Press, accessed 24 March 2009.
- ↑ Bloomberg Businessweek, BAAN COMPANY NV, accessed 01 February 2011.
- ↑ Prudential, Our Board, accessed 01 February 2011.
- ↑ European Commission, EU-CHINA ROUNTABLE ON FINANCIAL SERVICES AND REGULATION > Participants, accessed 01 February 2011.
- ↑ NS&I, John Prout > Sales Director, accessed 01 February 2011.
- ↑ Who's Who 2009, TURNBULL, online edition, Oxford University Press, accessed 24 March 2009.
