Advisers say incoming Aviva chief executive Mark Wilson should only be awarded bonuses if he achieves “exceptional performance over a sustained period”, after the provider revealed his remuneration package is worth up to £5.4m.
Former AIA Group chief executive and president Wilson will join the Aviva board on 1 December before becoming chief executive on 1 January.
Wilson (pictured) replaces Andrew Moss, who left Aviva in May.
He will receive a basic salary of £980,000 and will be eligible for a 2013 annual bonus worth up to 150 per cent of his salary.
Wilson will also be eligible for an award under Aviva’s long term incentive plan for 2013 of 300 per cent of basic salary.
Bloomsbury Financial Planning senior partner Jason Butler says: “The bonus package should reward exceptional performance over a sustained period and be adjusted for any problems or mistakes.”
FSC Investment Services managing director Frank Cochran says: “I do not have a problem with people getting paid a big bonus as long as they have earned it. Equally if he makes a mess of things he should be paid nothing.”