Aviva has lost a vote on executive pay at its annual general meeting.
According to the BBC, 54 per cent voted against the remuneration report at the AGM.
Earlier this week, Aviva announced it was 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. Chief executive Andrew Moss agreed to waive a pay rise as part of a move to quell shareholder anger given the performance of the firm’s shares.
However, this was not seen as enough and shareholder anger was heightened after news broke that UK chief executive Trevor Matthews would receive a £45,000 bonus for only one month’s work.
Aviva’s share price is currently 311p compared to a 12-month high of 447.1p.