10th Apr 2015 14:24
LONDON (Alliance News) - Aviva PLC Friday said Chief Executive Mark Wilson and Chief Financial Officer Tom Stoddard have rejected a proposed long-term incentive plan that was approved by shareholders in 2014 after a shareholder voting agency "expressed concern" about the plans, leading to them both accepting smaller deals.
In 2014, shareholders approved a long-term incentive plan for Wilson and Stoddard for 2015, which led to Aviva offering Wilson a incentive plan of 350% of his basic salary and an offer to Stoddard for 250% of his basic salary.
However, both directors rejected the offer from the insurance company, which had been set out the company's director remuneration report.
"Aviva has received significant shareholder support for its remuneration report, following Aviva's strong financial performance in 2014 and delivery against its strategic objectives," said Chairman Patricia Cross.
"However the board was disappointed to receive feedback this week from a shareholder voting agency which expressed concern over the proposed long-term incentive plan awards, despite the tangible progress made by the management team and the award being within the company's remuneration policy," she added.
As a result, Aviva made Wilson and Stoddard a revised offer. Aviva offered an incentive plan of 300% of Wilson's basic salary and 225% of Stoddard's basic salary, which have now been accepted by the two executives.
Aviva shares were up 0.9% to 555.16 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Aviva