Shareholders add to pressure on Aviva’s Moss

Aviva has reportedly come under pressure from two major shareholders to replace chief executive Andrew Moss following a massive protest vote against executive pay.

This week, investors are also expected to make their voices heard as revolts over “fat cat” pay hit betting firm William Hill, Unilever and advertising giant WPP.

Unnamed investors have called on Aviva’s incoming chairman John McFarlane, who takes over from Lord Sharman in July, to replace Moss at his earliest convenience, it was reported yesterday.

The move comes after more than half of the votes at its annual meeting failed to back the insurer’s pay awards, despite Moss waiving a near-5 per cent pay rise which would have taken his annual salary over the £1 million mark.

Sharman apologised to shareholders at the AGM for ignoring their views when setting executive pay.

The so called “shareholder spring” is expected to factor in remuneration package votes at William Hill, which is set to focus on its pay plan for chief executive Ralph Topping and a £1.2m “retention bonus”. Unilever’s Paul Polman is set for a 6 per cent pay rise although some investors believe the company has performed well, while the chief executive has not had a pay rise since joining three years ago. Sir Martin Sorrell, chief executive of WPP last year enjoyed a 30 per cent increase in pay.