Aviva reveals pay freeze for bosses

Aviva Plc, which last week announced it was suspending the payment of the company’s 2019 final dividend to ordinary shareholders, will now be implementing remuneration changes for its leaders.

The British insurance giant said it has been agreed that basic pay increases for its executive directors and the Aviva leadership team will be paused until dividend payments are resumed. The salary adjustments were supposed to come into effect on April 01.

In addition, they will also not be considered for any bonus for 2020 until dividend payments are restarted for ordinary shareholders.

Aviva noted that the remuneration changes come in light of the significant uncertainties presented by the coronavirus crisis and the need for continued prudence at this time.

In recent days we’ve seen the executive directors of Prudential Plc offer that their salaries be reduced, while RSA confirmed its executive directors and executive committee will not be receiving cash bonuses for the current year.

Source: Insurance Business Uk