Institutional investors and corporate governance experts have backed the decision by Sir Roger Hurn to resign as chairman of the Prudential, the UK insurance, following the debacle that resulted from his previous chairmanship of Marconi, the troubled telecoms equipment firm.
Hurn's departure from the UK insurance group this week has set a good example, according to a buy-side source who campaigns for improved non-executive director practice. "Prudential purports to stand for good practice of corporate governance. Hurn committed some fairly fundamental breaches of good governance practice while chairman of Marconi. He's done the right thing. His credibility was shot," he said.
