Aviva ban on bonuses after it ‘got it wrong’
Andrew Moss, the former chief executive who was ousted after a shareholder revolt over remuneration last year, walked way with almost £1.5 million in cash and benefits, including £898,462 in lieu of 12 months notice. In addition, he received £300,000 to settle any claims he might have had on deferred bonuses and share payouts, while he also retained a £209,000 pension payment. The company also paid £25,000 to Moss’s solicitor, who handled the terms of his departure from the group, and £20,000 in “outplacement services”. He was also paid for half a day’s untaken holiday.
Trevor Matthews, former head of the group’s UK business who is stepping down from the board this year, was paid £1m, while finance director Patrick Regan pocketed £1.5m, including a vested 2010 incentive plan bonus totalling £607,302.
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Hide AdThe company confirmed that Mark Wilson, the former AIA chief executive who replaced Moss in January, will be paid a similar basic annual salary to Moss of £980,000, as well as an annual bonus for 2013 worth up to £1.5m based on “stretch” performance targets. He will also be in line for a long-term incentive plan payment of up to three times his annual salary.
John McFarlane “did not wish” an increase in the £550,000 paid to him as chairman.