Prudential's top executives are in the firing line at the company's AGM today as they face down shareholders angry over the insurer's failed bid for Asian insurer AIA.
Finance director Nic Nicandrou survived the shareholder vote, with the provisional result showing 97.75% in favour, and 2.2% against promoting him to the board.
Elsewhere, here are IFAonline's pick of the best quotes from the heated meeting in London, courtesy of the Guardian.
"The future is Asia. It's a shame your institutional shareholders don't have the same breadth of vision."
Private shareholder Malcolm Ferguson says he fully supported the takeover, the first investor to come out in support of the board at the meeting.
"The strategy is to accelerate growth in Asia, build up the US business and focus on the UK", adding Pru is "only scratching the surface" in Asia.
Prudential chief executive Tidjane Thiam.
There's no change to the dividend policy, notwithstanding the cost of the deal.
Prudential chairman Harvey McGrath to shareholder question on how the failed deal will affect the dividend.
In a "plan to turn this into an Asian hedge fund we small investors feel disenfranchised" and should have a representative on the board. "You thought you could walk on water."
Private investor Tom Heath whose great grandfather was a shareholder.
"Where we can and we have we will continue to seek ways to mitigate that cost. We're not in any sense cavalier about those costs. We're obviously sorry we incurred the costs and were not able to conclude the transaction."
McGrath to a shareholder who asks whether the £450m cost can be recovered from the deal's advisers.
Pru contacted a number of major shareholders who indicated their support for the lower price, but that's now "academic" as AIG would not accept it.
"Everyone of you failed to do your job properly. All of you are responsible for this failed deal. You failed to get the deal through the second time. You're all failed but you can't see it. "
Private investor Anthony Watts from Northampton.
It was the board's unanimous decision to enter into the deal, and the unanimous decision to pull out last week.
"Do any of your directors feel they should resign? If not, why not? There is a price for failure."
A private investor from Essex.
"I see no reason why any director of Prudential should resign."
"We will follow those developments with interest."
McGrath in response to an investor asking whether Prudential might buy a majority stake in AIA when it floats.
"Buying this business was absolutely in line with our strategy. In Asia life insurance is taking the place that the welfare state has taken in the west."
"The principle [of going into Asia] was good, the practice was entirely wrong. I suggest that the main board reduces its status to non-executive directors."
"If you were looking at this for so long how did you get it so wrong? What's the point of having expensive advisers if a deal then collapses? These advisers are hardly worth having and should be dispensed with. You've thrown away in costs far more than you have paid recently in dividends."
"We do not believe we have a problem with leadership."
A board director.
"Very few shareholders here have faith in the pair of you [Thiam and McGrath] but "it would be a mistake to get rid of the two of you at the same time".
A shareholder who directly calls on Thiam to resign.
"There may well be over time opportunities .... that are talked about in the marketplace" and the board will look at them carefully.
McGrath to a non-shareholding stockbroker who says Prudential shares are cheap and asks whether the company would sell lower-growth assets.
"Bring in Michael McLintock"
Shareholder shouts for the man who heads up Prudential's M&G ar, and is current favourite among some investors to takeover Thiam's job.
"We will approach larger transactions perhaps with more caution than we might otherwise have done [and enact more bolt-on acquisitions".
Despite calls for heads to roll over the failed AIA deal, McGrath and Thiam are not up for re-election at today's meeting. Four other directors are, however, while the finance director and the head of Europe are up for election to the board.
Last week Robin Geffen of Neptune Investment Management backed M&G chief executive Michael McLintock for the top job. One of the most outspoken of Prudential's shareholders, Geffen wasn't planning to attend today's meeting, saying he didn't want it to turn into a "media circus".
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