Directors' remuneration 2007
| Basic salary/fees | Bonuses | ACAP | Benefits | Total | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2007 £’000 |
2006 £’000 |
2007 £’000 |
2006 £’000 |
2007 £’000 |
2006 £’000 |
2007 £’000 |
2006 £’000 |
2007 £’000 |
2006 £’000 |
|||||
| * Retired on 31 December 2006. | ||||||||||||||
| Chairman | ||||||||||||||
| Lord Sharman | 450 | 375 | – | – | – | – | – | – | 450 | 375 | ||||
| Executive directors | ||||||||||||||
| Richard Harvey | 525 | 875 | 524 | 1,296 | 600 | 450 | 46 | 61 | 1,695 | 2,682 | ||||
| Andrew Moss | 790 | 533 | 853 | 744 | 398 | 275 | 56 | 36 | 2,097 | 1,588 | ||||
| Philip Scott | 565 | 543 | 641 | 680 | – | – | 55 | 63 | 1,261 | 1,286 | ||||
| Patrick Snowball | 280 | 543 | – | 763 | – | – | 16 | 39 | 296 | 1,345 | ||||
| Tidjane Thiam | 196 | – | – | – | – | – | 6 | – | 202 | – | ||||
| Non-executive directors | ||||||||||||||
| Nikesh Arora | 32 | – | – | – | – | – | – | – | 32 | – | ||||
| Guillermo de la Dehesa | 95 | 86 | – | – | – | – | – | – | 95 | 86 | ||||
| Wim Dik | 90 | 69 | – | – | – | – | – | – | 90 | 69 | ||||
| Mary Francis | 90 | 64 | – | – | – | – | – | – | 90 | 64 | ||||
| Richard Karl Goeltz | 87 | 78 | – | – | – | – | – | – | 87 | 78 | ||||
| Carole Piwnica | 82 | 74 | – | – | – | – | – | – | 82 | 74 | ||||
| Russell Walls | 102 | 64 | – | – | – | – | – | – | 102 | 64 | ||||
| Scott Wheway | 5 | – | – | – | – | – | – | – | 5 | – | ||||
| Former directors | ||||||||||||||
| Derek Stevens* | – | 99 | – | – | – | – | – | – | – | 99 | ||||
| André Villeneuve* | – | 65 | – | – | – | – | – | – | – | 65 | ||||
| Total emoluments of directors | 3,389 | 3,468 | 2,018 | 3,483 | 998 | 725 | 179 | 199 | 6,584 | 7,875 | ||||
Notes
- “Bonuses” include the value of shares granted under the Aviva All-Employee Share Ownership Plan (maximum £3,000) and the total amounts earned in respect of 2006 performance under the Annual Bonus Plan (ie the cash bonus paid plus the amount deferred and granted in the form of shares).
- “Benefits”. All the executive directors received life assurance benefits during the year that relate to the cost incurred by the Company of insuring the directors’ life assurance and spouses’ benefits which, had they died during the year, could not have been wholly paid by the pension scheme and would therefore have been met by the Company. The disclosure also includes the cost of private medical insurance, and where appropriate, accompanied travel, accommodation and car benefits. All the numbers disclosed include the tax charged on the benefits. No directors received an expense allowance during the year.
- Payments to former directors: Since his retirement as a director in 2003, Anthony Wyand has served as a consultant and as a director on the Boards of some of the Group’s European operations. Under this arrangement, a fee of £120,000 was paid to him in 2007. Derek Stevens, a former non-executive director who retired from the Board on 31 December 2006 received a fee of £25,000 in 2007 for continuing to serve as chairman of the Aviva Staff Pension Scheme.
- During the year, shares granted to certain former executive directors under the Company’s incentive plans vested. Details of these awards were fully disclosed in the year of grant.
- For the purposes of the disclosure required by Schedule 6 to the Companies Act 1985 the total aggregate emoluments of the directors in respect of 2007 was £6.6 million (2006: £7.9 million).
- No compensation payment for loss of office was made to any director, or former director, during the year.
- Amounts paid to Tidjane Thiam relate only to the period for which he served as an executive director.