Aviva chief executive Andrew Moss is to waive a pay rise as part of a move from the provider to quell shareholder anger over executive pay.
In a stock exchange announcement, Aviva says it is to review how it sets executive pay after a number of shareholders voiced concerns about pay levels following the publication of its remuneration report in March.
Moss was due to receive a 4.8 per cent pay rise to take his salary from £960,000 to just over £1m.
Aviva says: “Concerns have mainly centred on how we structure the compensation paid when we recruit executive directors and whether overall levels of remuneration, driven by the operating performance in 2011, appropriately reflect changes in shareholder value through the year.”
The firm says its proposed levels of remuneration were an appropriate reward for Aviva’s operating performance and strategic progress in 2011 and a means of attracting and retaining key executive directors.