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|
|
Date of grant
|
:
|
30 May 2023
|
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|
Number of shares under Award granted
|
:
|
438,098
|
||
|
Purchase price of the Award granted
|
:
|
Nil
|
||
|
Closing price of the shares on the date of grant
|
:
|
HK$ 107.40 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 2023 - 31 December
2025. 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)
|
35%
|
Measured on a ranked basis over three years relative to a peer
group of 12 other insurance companies. Threshold is a median
ranking
|
||
|
Return on Embedded Value (RoEV)
|
40%
|
RoEV will be calculated as the total EEV operating profit as a
percentage of the average EEV basis shareholders' equity, with a
threshold return of 9.2%
|
||
|
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 25% reduction
|
||
|
Diversity Measure
|
5%
|
Measured as a % of the Core Group of leaders that is female at the
end of 2025, with a threshold 35% 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;
● an
error in assessing the performance conditions or the number of
shares subject to an award;
● the
assessment of the performance conditions and/or the number of
shares subject to an award being based on inaccurate or misleading
information;
● gross
misconduct;
● a
breach by the participant of any restrictive, confidentiality, or
non-disparagement covenants or other similar
undertakings;
● the
participant has caused wholly or in part a material financial loss
for the Prudential group as a result of:
● reckless,
negligent or wilful actions or omissions; or
● inappropriate
values or behaviour;
● where
a member of the Prudential group is censured by a regulatory body
or suffers a significant detrimental impact on its reputation;
or
●
where
Prudential or entities representing a material proportion of the
Prudential group becomes insolvent or otherwise suffers a corporate
failure so that ordinary shares of Prudential cease to have
material value
|
||||
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
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By:
/s/ Sylvia Edwards
|
|
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|
|
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Sylvia
Edwards
|
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Group
Deputy Secretary
|