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
By CFO World staff | CFO UK | Published 15:55, 03 May 12
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.
Photo credit: Reuters
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