An activist group of Aviva policyholders and private shareholders is pressing for four directors to quit following the group’s underperformance.
The Norwich Union Policyholders Action Group, which has 181 members, has claimed that the directors must share responsibility for the life insurers failings and “do the decent thing”.
According to the FT, those facing calls to quit include former Mary Francis, who was formerly the Queen’s deputy private secretary, private secretary to John Major and director general of the Association of British Insurers. Francis joined the Aviva board in 2005.
Richard Goeltz, former chief financial officer of American Express and Natwest, and Russell Wallis, the former director of BAA, also face calls to leave along with former Boots executive Scott Wheway.
Commenting on Wheway, who chairs the Aviva remuneration committee, the action group said: “He has presided over the excessive board remuneration plans, enough said.”
The news comes only four months after Andrew Moss stood as chief executive following a shareholder revolt over pay and performance.
Aviva declined to comment.