Fidelity 'to vote no' to Pru chairman's re-election

Fidelity is understood to be among a number of leading fund managers and investors who will vote against Prudential chairman Harvey McGrath's re-election.

According to Sky News, the fund manager - which owns 1.76% of the insurer - will vote against his re-election at tomorrow's AGM along with a number of other institutions, venting their frustration at the failed takeover of AIA. Pru's £21.9bn bid for the Asian insurer fell apart last year after the group attempted to lower the price it had originally offered to AIA's parent, AIG, following an outcry from shareholders. The failed deal eventually cost the group £377m in fees. In total between 10%-20% of shareholders are expected to make their displeasure known at the AGM, although this w...