Prudential Plc will be undertaking a worldwide hunt for chair Paul Manduca’s successor, reports ThisIsMoney.
Citing the governance code, the publication said the British insurance giant will be ‘scouring’ the globe to find Prudential’s next chairman in time for the current chair’s imminent departure. Manduca has been part of the board since October 2010; chairman, since July 2012.
Set by the Financial Reporting Council, the UK Corporate Governance Code reads: “The chair should not remain in post beyond nine years from the date of their first appointment to the board.
“To facilitate effective succession planning and the development of a diverse board, this period can be extended for a limited time, particularly in those cases where the chair was an existing non-executive director on appointment. A clear explanation should be provided.”
Prudential, which is about to be split from its UK and European savings and investments business M&G Plc, has yet to issue a statement on Manduca’s tenure. The firm will be holding its general meeting today (October 15) in London at 9:30am UK time.