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Insurance giant Aviva loses face

Aviva. Photo: ITV News

After Barclays' shareholders last week shamed the company with around a third of them voting against the bank's pay deals, shareholders of Aviva the giant insurance company have gone much further.

More than half of them kicked out the pay committee at its Annual General Meeting today. This is highly unusual, and humiliating for the firm.

They were angry about a bonus for the chief executive and falling share prices and wanted to make their displeasure plain. For now this vote doesn't mean the firm has to change its plans, but under proposed new laws in future it would be binding and would force the company to act.

Even without legislation, shareholders are starting to make their voices heard.