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NEWARK, N.J. — Prudential Financial Inc. said Tuesday its board has approved giving shareholders an advisory vote on executive compensation, a so-called Say on Pay, that many companies have adopted in the face of criticism of soaring executive pay.
Shareholders of Newark, N.J.-based Prudential will get to vote every other year on the compensation policies set by the board committee that decides how to pay executives.
Prudential follows other companies that have approved similar Say on Pay voting power for shareholders. The Obama administration has proposed requiring it at all public companies.
Prudential sells life insurance and manages assets for investors, as well as other services.
Its shares rose 30 cents to $50.11 in aftermarket trading after closing Tuesday at $49.81, up 2 percent from the previous day's close.