McGrath faces AIA debacle backlash

More than a fifth of Prudential shareholders voted against the reappointment of chairman Harvey McGrath yesterday, raising doubts over his position as investor anger lingers over the insurer's costly failed bid for rival AIA.

Some 22 per cent of votes cast at the Pru's annual shareholders' meeting were against reappointing McGrath, who along with the rest of the insurer's board was up for re-election for the first time since the AIA debacle. The dissenting vote was bigger than the 10 to 20 per cent expected by Prudential.