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Labour says Government plans to reform corporate Britain do not go far enough.
The Shadow Business Secretary says more should be done to empower shareholders. It comes in the wake of the departure of Andrew Moss from Aviva amid investor revolts on pay and remuneration.
Over the last fortnight shareholders at Citigroup, Credit Suisse, Barclays and Mann Group, among others, have protested and/or voted against senior executive remuneration.
The Conservative MP Matthew Hancock, a former aide to the Chancellor George Osborne, has tweeted his support for Aviva shareholders revolting over executive pay:
- Andrew Moss has been chief executive of Aviva since 2007 after also working for Lloyd's of London and HSBC.
- The 54-year-old Oxford graduate offered to waive a near-5% pay rise which would have taken his annual salary over the £1 million mark but this was not enough to appease investors, who have been hit by a 30% drop in the share price in the last year.
- Mr Moss, who was embroiled in an affair scandal in 2009, will be replaced on an interim basis by incoming chairman John McFarlane.
Andrew Moss, who has been chief executive since 2007, will leave after more than half of shareholder votes failed to back the firm's remuneration report at its annual meeting last week.
It's the latest company to suffer a shareholder revolt recently. Others include:
- Barclays bank chose not to back its executive pay awards late last month amid controversy over chief executive Bob Diamond's hefty wage package.
- Trinity Mirror announced that boss Sly Bailey would step down, amid a looming shareholder revolt over her pay package.
- Anglo-Swiss mining company Xstrata received relatively low approval ratings for its executive remuneration report.
- AstraZeneca chief executive David Brennan announced his retirement recently, amid investor concern over his stewardship of the group.
Aviva's interim Executive Deputy Chairman, John McFarlane, who will lead the company until it appoints a new chief executive, has announced a new set of priorities for the company including:
Latest ITV News reports
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