A band of rebel Aviva shareholders were today calling for a freeze on executive pay at the troubled insurer for five years unless its share price more than trebles to £10.
The Norwich Union Policyholders Action Group, which represents retail investors at the company, is also calling for the resignation of Scott Wheway as head of the company’s remuneration committee at what was expected to be a stormy annual meeting in London.
The protests reflect the anger felt by many shareholders about the poor performance of the group, which has been eclipsed by its rivals despite being a household name.
Shareholder advisory body Pirc and the Local Authority Pension Fund have already told investors to vote against the group’s pay report even though Aviva’s executives opted not to take bonuses this year.
Investors are unhappy at the generous severance packages handed to Andrew Moss, who quit as chief executive after a pay revolt at last year’s AGM, and Igal Mayer, who ran the insurer’s European business.
Trevor Matthews, an outgoing executive, is also under fire having picked up an estimated £2.4 million for 14 months’ work. He is in line for another £1.4 million in bonuses.
Action group head Philip Meadowcroft said: “The Aviva directors are still concentrating too much on their own pay and perks rather than growing our business.”
