We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedGovernance

Half of Aviva investors vote down pay deal


CEO Andrew Moss surrendered his 2012 pay rise on Monday in a bid to avoid an investor backlash at the agm

Article comments

The decision by Aviva’s boss to waive his 2012 pay rise on Monday wasn’t enough to head off an investor backlash at the insurer on Thursday as 50 percent of investors voted down its pay plans.

At the company annual general meeting held in London on Thursday Aviva became the latest in a growing list of British companies to face a shareholder revolt over its remuneration plans with 50 percent of proxy votes cast against the proposals.

The dissenting vote, which compares with an average of just 6 percent for British companies last year, comes amid mounting shareholder determination that executives' pay packets should be aligned more closely with performance.

Aviva, Britain's second-biggest insurer, had attempted on Monday to mollify critical shareholders by cancelling chief executive Andrew Moss's 2012 pay rise, and opening a review into generous recruitment offers for senior executives.

The final voting figure could change once votes cast at the general meeting are counted.

"We take the views of our shareholders very seriously," Scott Wheway, the chairman of Aviva's remuneration committee, said in a statement on Monday in a bid to head off a shareholder revolt.

Photo credit: Reuters

Share:

Recommended Articles

Comments

Half of Aviva investors vote down pay deal
Governance

What’s going to kill your company?

What’s going to kill your company?

The role of the CFO and the board in strategic risk governancemore ..


SFO launches probe into forex markets

The SFO joins a growing band of global regulators investigating the possible manipulation of forex marketsmore ..

Sports Direct founder rejects bonus despite approval

Industry bodies like the Institute of Directors have questioned corporate governance practices at the FTSE 100 companymore ..

Foreign companies could be fined if they break takeover promises

Vince Cable is talking to the Takeover Panel about how to "strengthen" government powers in takeover dealsmore ..

What makes a good board report?

Examining how CFOs can improve the way they report back to the boardmore ..

Examining the issue of corporate litigation funding

Litigation funding is a very useful tool for CFOs but not a panacea for all legal mattersmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *