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Aviva activists call for four directors to quit

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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.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. One Aviva Half the Value 28th August 2012 at 12:07 pm

    Shareholder value has been ignored by Aviva for far too long. It has taken a row over Directors pay to shake this sleeping giant. The activists are right to deamnd leaders with vision and focus, rather than dead beats apparently happy to manage a slow decline.

  2. the current board should learn from the old dictum:

    a rolling stone does not gather moss:

    it looks like the present board are attending a queue to an old people’s home, good place if all you want is to be fed and watered at the expense of shareholders.

    pull your socks up and do a bit of honest work?

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