Prudential PLC Chairman Paul Manduca's tenure has been extended to May 2021, subject to yearly re-election.
Manduca has been a board member since October 2010 and chairman since July 2012. The company's senior independent director, Philip Remnant, consulted with major shareholders with regard to the chairman's extension.
Prudential's corporate governance code states that chairpersons must not stay at their posts after serving on the board for nine years. However, the board said that since the company is planning a demerger of its M&G Investments business, it "considered and confirmed" that Manduca remaining as chair is in shareholders' best interests.