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Aviva loses shareholder vote on executive pay

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.

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Here here !!

    Inflated payments for a plummeting share price…..can someone explain ?

  2. The ‘worms’ turn………

  3. I’d pay Matthews off ASAP. He only stays at a company a short time anyway before moving onto the next one. Remember Std Life and Friends Prov. He’s not tried L&G or Pru yet, so he won’t be at Aviva long. Like most of these professional Execs he’s just after another big payoff and making a name for himself, not really interested in the company or it’s customers.

  4. Wouldn’t it be wonderful if the FSA held an AGM and we got to vote on their top people’s salaries? After all we pay them.

  5. Alan Kendrick 4th May 2012 at 8:00 am

    I have several complaints in with Aviva, which they acknowledge are justified but are seeking to pay me a mininum amount of compensation which nowhere comes near to properly compensating me for my time and efforts. Is seems to me that Aviva are relaying on IFAs to performas low paid quality controllers because their poor systems and even poorer managment controls. The Direcotrs should be installing proper customer focused systems which would then lead to customer loyalty and retention rather than just trying to get away with the cheapest possible.

    I know Shareholders are approaching this from a different perspective but nevertheless good to see Shareholders are holding Directors to account. No problem with bonuses being paid provided they are proportionate and for proper measureable performance, rather than for vague promises of future performance. What did Trevoe Matthews do to warrent a bonus in his first month, especially aafter such a huge signing on payment. I hope that this, together with the Barclays AGM, is the start of a shareholder revolution.

  6. shocking mis-management

  7. As a former employee of ship that Mr Matthews jumped from I can only agree whole heartedly with all these sentiments. He arrives full of gusto and bluster and promises a company that will shine and respect its employees…then leaves under a cloud of secrecy. I am no revolutionaty but a company runs from the bottom up – without an appreciated and motivated workforce their is nothing for you to be an executive officer of, in a chiefly manner or not.

    Happy Star Wars day people

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