Aviva Forced To Axe Exec’s Pay Rise

Aviva has bowed to pressure from shareholders and withheld a pay rise for its chief executive.

The insurance group announced that Andrew Moss would not receive a rise, that would have taken his salary to more over £1m a year, and that it will also review golden handshakes for new executives.

“We take the views of our shareholders very seriously… a number of shareholders have indicated that they would like to see a different approach to the way we compensate senior directors on recruitment and an even closer correlation between our pay packages and shareholder returns,” said the chairman of Aviva’s remuneration committee, Scott Wheway.

Aviva’s decision comes a week after Barclays faced a shareholder revolt over chief executive Bob Diamond’s pay package, and similar problems at RBS and Citigroup.