Prudential yesterday defended its strategy and management as it launched its ambitious $21bn rights issue to fund the proposed $35.5bn takeover of AIA, the Asian businesses of AIG.
Harvey McGrath, Pru chairman, said that the shareholder poll on the rights issue would not be a vote of confidence in the UK life assurer's executive team or its chief executive, Tidjane Thiam.
The Pru has endured a rocky ride with investors since announcing the takeover at the start of March amid criticism of the size of the deal and its handling of it. Some investors and analysts have come to see Mr Thiam's and even Mr McGrath's jobs as riding on the outcome of the deal.
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