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Corporate governance

Hong Kong listing obligations

The directors confirm that Prudential has complied with all relevant provisions set out in the Corporate Governance Code issued by The Stock Exchange of Hong Kong Limited (‘HK Code’) throughout the accounting period. With respect to the Code Provision B.1.2(d) of the HK Code, the responsibilities of the Remuneration Committee do not include making recommendations to the Board on the remuneration of non-executive directors. In line with the principles of the UK Corporate Governance Code, fees for the non-executive directors are determined by the Board.

The directors also confirm that the financial results contained in this document have been reviewed by the Group Audit Committee.

The Company confirms that it has adopted a code of conduct regarding securities transactions by directors on terms no less exacting than required by the Hong Kong Listing Rules and that the directors of the Company have complied with this code of conduct throughout the period.

Going concern

In accordance with the requirements of the guidance issued by the Financial Reporting Council in September 2014 ‘Guidance on Risk Management, Internal Control and Related Financial and Business Reporting’, after making sufficient enquiries the directors have a reasonable expectation that the Company and the Group have adequate resources to continue their operations for a period of at least 12 months from the date that the financial statements are approved.

In support of this expectation, an update of the Company’s business activities, together with the factors likely to affect its future development, successful performance and position in the current economic climate are set out in the business performance section. The risks facing the Group’s liquidity and capital positions and their sensitivities are referred to in the ‘Chief Financial Officer’s report on the 2016 first half financial performance’, the ‘Group Chief Risk Officer’s report of the risks facing our business and how these are managed’ and note II (c) ‘Solvency II capital position at 30 June 2016’ within Additional Financial Information. The Group’s IFRS financial statements include cash flow details in the ‘Condensed consolidated statement of cash flows’ and borrowings information in note C6.

The directors therefore consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements for the period ended 30 June 2016.

Section 5

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Significant shareholdings

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