Insurance firm Aviva has suffered an embarassing blow after more than half its shareholders voted against its proposals on executive pay at its annual general meeting today.
A total of 54% voted against the remuneration report, according to the BBC, continuing the recent trend of shareholder activism which started at Barclays' AGM last week. Adjusting for abstentions, the vote against the remuneration report was 50%. Shareholders were aggrieved over the news that UK chief executive Trevor Matthews had received a £45,000 bonus for one month's work. The vote against the report comes after a torrid time for Aviva's share price. The insurer's shares have fallen around a third in value over the past year from 450p to near 300p. Earlier in the week, Aviva...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
