Disclosure of interests of directors

The following table sets out the share options held by the directors in the UK Saving Related Share Option Scheme (SAYE) as at the end of the period. No other directors held shares in any other option scheme.

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  Date of
grant
Exercise
price
Market
price
at 30
June
2013
Exercise period Number of options
Beginning End Beginning
of period
Granted Exercised Cancelled Forfeited Lapsed End of
period
John Foley 25 Apr 08 551 1075 01 Jun 13 29 Nov 13 2,953 2,953
Tidjane Thiam 16 Sep 11 465.8666 1075 01 Dec 14 29 May 15 965 965
Nic Nicandrou 16 Sep 11 465.8666 1075 01 Dec 16 31 May 17 3,268 3,268
Rob Devey 16 Sep 11 465.8666 1075 01 Dec 16 31 May 17 3,268 3,268

Directors’ shareholdings

The Company and its directors, chief executives and shareholders have been granted a partial exemption from the disclosure requirements under Part XV of the SFO. As a result of this exemption, directors, chief executives and shareholders do not have an obligation under the SFO to notify the Company of shareholding interests, and the Company is not required to maintain a register of directors’ and chief executives’ interests under section 352 of the SFO, nor a register of interests of substantial shareholders under section 336 of the SFO. The Company is, however, required to file with the Hong Kong Stock Exchange any disclosure of interests notified to it in the United Kingdom.

The following table sets out the interests of directors in the issued share capital of Prudential including the interests of persons connected with directors for the purposes of DTR 3.1.2 of the Disclosure and Transparency Rules, as at the end of the period. This includes shares acquired under the Share Incentive Plan, and deferred annual bonus awards and interests in shares awarded on appointment as detailed in the table on other share awards below.

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  1 Jan 2013 30 Jun 2013
  Total
beneficial
interest
(number of
shares)
Number of
shares
owned
outright
Number of
shares
subject to
deferral
Total
beneficial
interest
(number of
shares)
Number of
shares
subject to
performance
conditions

Notes

  1. Keki Dadiseth retired from the Board on 1 May 2013.
  2. Anthony Nightingale was appointed to the Board on 1 June 2013.
  3. Philip Remnant was appointed to the Board on 1 January 2013.
  4. Alice Schroeder was appointed to the Board on 10 June 2013. For the 30 June 2013 figure, her beneficial interest in shares is made up of 1,000 ADRs (representing 2,000 ordinary shares).
  5. For the 1 January 2013 figure, part of Barry Stowe’s beneficial interest in shares is made up of 207,963 ADRs (representing 415,926 ordinary shares) and 95,305 ordinary shares, (8,513.73 of these ADRs are held within an investment account which secures premium financing for a life assurance policy). For the 30 June 2013 figure, the beneficial interest in shares is made up of 199,449 ADRs (representing 399,898 ordinary shares).
  6. For the 31 December 2012 figure, Mike Wells’ beneficial interest in shares is made up of 295,904 ADRs (representing 591,808 ordinary shares). For the 30 June 2013 figure, his beneficial interest in shares is made up of 201,789 (representing 403,578 ordinary shares). In the table above, the figure for shares subject to performance conditions includes the maximum number of shares (150 per cent of the original number awarded) which may be released to Mike Wells under the JNL Performance Share Plan. This maximum number of shares may be released if stretch performance targets are achieved.
Keki Dadiseth(note 1) 32,196
Howard Davies 3,192 8,248 8,248
Rob Devey 275,443 72,846 118,206 191,052 445,748
John Foley 323,235 157,178 82,196 239,374 483,765
Michael Garrett 39,233 39,233 39,233
Ann Godbehere 15,914 15,914 15,914
Alistair Johnston 5,000 10,000 10,000
Paul Manduca 2,500 42,500 42,500
Michael McLintock 682,733 295,905 156,631 452,536 142,283
Kaikhushru Nargolwala 16,000 50,000 50,000
Nic Nicandrou 350,858 164,610 137,072 301,682 460,412
Anthony Nightingale(note 2) 15,000 15,000
Philip Remnant(note 3) 2,100 2,100
Alice Schroeder(note 4) 2,000 2,000
Barry Stowe(note 5) 511,231 248,780 151,118 399,898 499,090
Tidjane Thiam 923,839 458,565 430,587 889,152 1,243,213
Lord Turnbull 16,624 16,624 16,624
Mike Wells(note 6) 591,808 127,998 275,580 403,578 1,208,278

Directors’ outstanding long-term incentive awards

Share-based long-term incentive awards

The section below sets out the outstanding share awards under the Prudential Long-Term Incentive Plan, Group Performance Share Plan and the awards made under additional long-term plans for the executive directors with regional responsibilities.

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Plan name Year of award Conditional share awards outstanding at 1 Jan 2013 Conditional awards in 2013 Market price at date of award Dividend equivalents on vested shares Rights exercised in 2013 Rights lapsed in 2013 Conditional share awards outstanding at 30 Jun 2013 Date of end of performance period
    (number of shares) (number of shares) (pence) (number of shares released) (note 2) (number of shares)
Rob Devey  
GPSP 2010 104,089   568.5 11,772 104,089   31 Dec 12
BUPP 2010 104,089   568.5 11,772 104,089   31 Dec 12
GPSP 2011 76,242   733.5   76,242 31 Dec 13
BUPP 2011 76,242   733.5   76,242 31 Dec 13
GPSP 2012 88,273   678   88,273 31 Dec 14
BUPP 2012 88,273   678   88,273 31 Dec 14
PLTIP 2013   116,718 1203   116,718 31 Dec 15
  537,208 116,718   23,544 208,178   445,748
John Foley  
GPSP 2011 152,484   733.5   152,484 31 Dec 13
GPSP 2012 199,433   678   199,433 31 Dec 14
PLTIP 2013   131,848 1203   131,848 31 Dec 15
  351,917 131,848   483,765
Michael McLintock  
GPSP 2010 66,238   568.5 7,490 66,238   31 Dec 12
GPSP 2011 48,517   733.5   48,517 31 Dec 13
GPSP 2012 47,079   678   47,079 31 Dec 14
PLTIP 2013   46,687 1203   46,687 31 Dec 15
  161,834 46,687   7,490 66,238   142,283
Nic Nicandrou  
GPSP 2010 208,179   568.5 23,548 208,179   31 Dec 12
GPSP 2011 152,484   733.5   152,484 31 Dec 13
GPSP 2012 185,374   678   185,374 31 Dec 14
PLTIP 2013   122,554 1203   122,554 31 Dec 15
  546,037 122,554   23,548 208,179   460,412
Barry Stowe (note 1)  
GPSP 2010 129,076   568.5 14,522 129,076   31 Dec 12
BUPP 2010 129,076   568.5 13,824 122,880 6,196 31 Dec 12
GPSP 2011 88,270   733.5   88,270 31 Dec 13
BUPP 2011 88,270   733.5   88,270 31 Dec 13
GPSP 2012 95,642   678   95,642 31 Dec 14
BUPP 2012 95,642   678   95,642 31 Dec 14
PLTIP 2013   131,266 1203   131,266 31 Dec 15
  625,976 131,266   28,346 251,956 6,196 499,090
Tidjane Thiam  
GPSP 2010 510,986   568.5 57,806 510,986   31 Dec 12
GPSP 2011 374,279   733.5   374,279 31 Dec 13
GPSP 2012 523,103   678   523,103 31 Dec 14
PLTIP 2013   345,831 1203   345,831 31 Dec 15
  1,408,368 345,831   57,806 510,986   1,243,213
Mike Wells (notes 1 & 3)  
JNL PSP 2009 218,100   455.5   218,100   31 Dec 12
JNL PSP 2010 141,000   568.5   141,000 31 Dec 13
GPSP 2011 197,648   733.5   197,648 31 Dec 13
BUPP 2011 197,648   733.5   197,648 31 Dec 13
GPSP 2012 199,256   678   199,256 31 Dec 14
BUPP 2012 199,256   678   199,256 31 Dec 14
PLTIP 2013   273,470 1203   273,470 31 Dec 15
  1,152,908 273,470   218,100   1,208,278

Notes

  1. The awards for Barry Stowe and Mike Wells were made in ADRs (1 ADR = 2 Prudential plc shares). The figures in the table are represented in terms of Prudential plc shares.
  2. In 2010, a scrip dividend equivalent, and in 2011, 2012 and 2013 a DRIP dividend equivalent, were accumulated on these awards.
  3. The table above reflects the maximum number of shares (150 per cent of the original number awarded) which may be released to Mike Wells under the JNL Performance Share Plan. This maximum number of shares may be released if stretch performance targets are achieved.

Other share awards

The table below sets out the share awards that have been made to executive directors under their appointment terms and those deferred from annual incentive plan payouts. The number of shares is calculated using the average share price over the three business days commencing on the day of the announcement of the Group’s annual financial results for the relevant year. For the awards from the 2012 annual incentives, made in 2013, the average share price was 1,124.17 pence.

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  Year of grant Conditional share awards outstanding at 1 Jan 2013 Conditionally awarded in 2013 Dividends accumulated in 2013 Shares released in 2013 Conditional share awards outstanding at 30 Jun 2013 Date of end of restricted period Date of release Market price at date of award Market price at date of vesting or release
    (number of shares) (number of shares) (number of shares)
(note 2)
(number of shares) (number of shares) (pence) (pence)
Rob Devey  
Deferred 2009 annual incentive award 2010 29,755   29,755 31 Dec 12 02 Apr 13 552.5 1,083
Deferred 2010 annual incentive award 2011 48,349   845   49,194 31 Dec 13   721.5  
Deferred 2011 annual incentive award 2012 42,593   744   43,337 31 Dec 14   750  
Deferred 2012 annual incentive award 2013   25,234 441   25,675 31 Dec 15   1,055  
  120,697 25,234 2,030 29,755 118,206  
John Foley  
Deferred 2011 annual incentive award 2012 46,057   805   46,862 31 Dec 14   750  
Deferred 2012 annual incentive award 2013   34,727 607   35,334 31 Dec 15   1,055  
  46,057 34,727 1,412 82,196  
Michael McLintock  
Deferred 2009 annual incentive award 2010 77,493   77,493 31 Dec 12 02 Apr 13 552.5 1,083
Deferred 2010 annual incentive award 2011 80,753   1,411   82,164 31 Dec 13   721.5  
Deferred 2011 annual incentive award 2012 37,284   651   37,935 31 Dec 14   750  
Deferred 2012 annual incentive award 2013   35,905 627   36,532 31 Dec 15   1,055  
  195,530 35,905 2,689 77,493 156,631  
Nic Nicandrou  
Deferred 2009 annual incentive award 2010 27,276   27,276 31 Dec 12 02 Apr 13 552.5 1,083
Deferred 2010 annual incentive award 2011 49,862   871   50,733 31 Dec 13   721.5  
Deferred 2011 annual incentive award 2012 45,060   787   45,847 31 Dec 14   750  
Deferred 2012 annual incentive award 2013   38,836 679   39,515 31 Dec 15   1,055  
  122,198 38,836 2,337 27,276 136,095  
Barry Stowe
(note 1)
 
Deferred 2009 annual incentive award 2010 40,474   40,474 31 Dec 12 02 Apr 13 552.5 1,083
Deferred 2010 annual incentive award 2011 58,314   1,034   59,348 31 Dec 13   721.5  
Deferred 2011 annual incentive award 2012 52,446   930   53,376 31 Dec 14   750  
Deferred 2012 annual incentive award 2013   37,726 668   38,394 31 Dec 15   1,055  
  151,234 37,726 2,632 40,474 151,118  
Tidjane Thiam  
Deferred 2009 annual incentive award 2010 65,482   65,482 31 Dec 12 02 Apr 13 552.5 1,083
Deferred 2010 annual incentive award 2011 229,515   4,013   233,528 31 Dec 13   721.5  
Deferred 2011 annual incentive award 2012 104,719   1,831   106,550 31 Dec 14   750  
Deferred 2012 annual incentive award 2013   88,954 1,555   90,509 31 Dec 15   1,055  
  399,716 88,954 7,399 65,482 430,587  
Mike Wells (note 1)  
2009 After Tax Deferral Program award (note 3) 2010 32,250   32,250 15 Mar 13 15 Mar 13 520 1,154
Deferred 2010 Group Deferred Bonus Plan award 2011 94,080   1,668   95,748 31 Dec 13   721.5  
Deferred 2011 annual incentive award 2012 96,336   1,708   98,044 31 Dec 14   750  
Deferred 2012 annual incentive award 2013   80,364 1,424   81,788 31 Dec 15   1,055  
222,666 80,364 4,800 32,250 275,580

Notes

  1. The Deferred Share Awards in 2010, 2011, 2012 and 2013 for Barry Stowe and Mike Wells were made in ADRs (1 ADR = 2 Prudential plc shares). The figures in the table are represented in terms of Prudential plc shares.
  2. In 2010, a scrip dividend equivalent, and in 2011, 2012 and 2013 a DRIP dividend equivalent, were accumulated on these awards.
  3. This award attracts dividends in the form of cash rather than shares.

Shares acquired under the Share Incentive Plan

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  Year of initial grant Share Incentive Plan awards held in Trust at 1 Jan 2013 Partnership shares accumulated in 2013 Matching shares accumulated in 2013 Dividend shares accumulated in 2013 Share Incentive Plan awards held in Trust at 30 Jun 2013
(number of shares) (number of shares) (number of shares) (number of shares) (number of shares)
Nic Nicandrou Shares held in Trust 2010 869 73 18 17 977

Note

  1. The table above provides information about shares purchased under the SIP together with Matching shares (awarded on a 1:4 basis) and dividend shares. The total number of shares will only be released if Nic Nicandrou remains in employment for five years.

Cash-settled long-term incentive awards

This information has been prepared in line with the reporting requirements of the Hong Kong Stock Exchange and sets out executive directors’ outstanding share awards and share options. For details of the cash-settled long-term incentive awards held by some executive directors, please see our Annual Report.

 
 

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