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The committee is required to meet not less than four times each year, and at such other times as required.
Membership and Attendance in 2015
|Member||Number of meetings attended||Percentage attendance1|
|Patricia Cross (Chairman)2
|Gay Huey Evans||1||100%|
|Sir Malcolm Williamson||4||100%|
1. This shows the percentage of meetings which the committee member attended during the year whilst a member of the committee.
2. Gay Huey Evans retired from the Committee on 29 April 2015.
The following officers normally attend, by invitation, all meetings of the committee (except for any part of a Committee meeting at which their own remuneration is being discussed):
- Group Chairman
- Group Chief Executive Officer
- Group Human Resources Director
- Advisors to the Committee
Committee role and responsibilities
- Make recommendations to the Board regarding the Group's remuneration policy in respect of the Board Chairman, Executive Directors (EDs), members of the Group Executive and members of senior management
- Work with the Risk Committee to ensure that risk and risk appetite are properly considered in setting the remuneration policy
- Obtain information about remuneration in other companies and, in this regard, select, appoint and determine the terms of reference for independent remuneration consultants, to advise on remuneration policy and levels of remuneration
- Review and determine the remuneration of the Chairman of the Board and the terms of employment and remuneration of individual EDs and Group Executive members, including any specific recruitment or severance terms
- Review and recommend to management the level and structure of senior management remuneration
- Approve the Aviva Investors' reward strategy, including any changes to the strategy
- Recommend to the Board the establishment of any employee share plans; exercise all the Board's powers in relation to the operation of all share and incentive plans and the Group's Savings Related Share Option Scheme (SAYE) and all employee share ownership plan
- Have regard to remuneration trends across the Group when setting remuneration policy for EDs
- Ensure that remuneration arrangements for all employees are commensurate with promoting ethical behaviour
- Approve the list of Code Staff and any severance packages for Code Staff under the relevant regulatory remuneration code and the remuneration for employees in control functions and those whose remuneration exceeds an agreed limit
- Monitor and recommend to management the level and structure of remuneration for senior management and, other than in respect of Board members, approve exceptional remuneration activity for employees outside agreed policy.
Read the full terms of reference ( for the committee. )
Activities during 2015
- Conducted a strategic review during 2015 of Aviva’s remuneration framework, policies and practices
- Benchmarked, reviewed and set salaries for the Group Chief Executive Officer, Chief Financial Officer and GE members
- Reviewed the detail and methodology for assessing the 2014 bonus pool for Aviva Investors
- Reviewed the DRR for the year ended 2014 prior to its approval by the Board and subsequent approval by shareholders at the 2015 AGM.