Aviva’s latest pay plans win investor backing

SHAREHOLDERS in insurer Aviva have backed the firm’s new management team a year after a vote against executive pay plans that led to the departure of its chief executive.

Under an early count of proxy votes at the company’s AGM, 88 per cent were in favour of the company’s latest pay plans.

Last year shareholders representing 50 per cent of the company’s shares rejected pay proposals, part of a broader revolt against big rewards for directors at UK and European companies in tough economic times.

In response, the board agreed to freeze this year’s salaries and shied away from awarding bonuses for 2012 to directors.

Meanwhile, more than 28 per cent of votes cast at yesterday’s National Express AGM were against the company’s remuneration report. Transport unions had urged investors to protest over labour relations issues in the US.