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Thread: Curbing executive pay

  1. #1
    Senior Member wotsnext's Avatar
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    Default Curbing executive pay

    Insurance firm Aviva has lost the vote on executive pay at its annual meeting.


    Excluding abstentions, 54% voted against the remuneration report at its annual general meeting (AGM).
    "It's pretty embarrassing, this almost never happens. It's a big slap in the face," said BBC business editor Robert Peston.
    Shareholders are angry about the amount the new UK chief executive, Trevor Matthews, was paid when he joined the firm.
    Mr Matthews, who has an annual salary of 720,000 a year, joined Aviva on 2 December, so the remuneration report only covers his first month in the job.
    He received a bonus of 45,000 for that month's work. He was also given a 470,000 cash payment and 2.02m worth of shares to make up for shares and bonuses that he would have received had he stayed with his previous employer.

    http://www.bbc.co.uk/news/business-17938865

    I'd like to see more of this.

  2. #2
    Senior Member tea drinker's Avatar
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    Default

    Shareholders are also annoyed about falling share prices and dividends. Aviva shares have fallen by more than a quarter over the past 12 months.
    Lucky bustards, my main shares are down 50%. I think I'll go back to the drink.
    Good to see the owners (employers) are given a chance to vote on this, and hence a vote against the boards behaviour.
    democracy is cool when (and if) it works.

  3. #3
    No Good Bloody Seppo California Joe's Avatar
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    Default

    That board makes me feel stabby....

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