Remuneration committee

Meet our Remuneration committee

About

Assisting the Board with remuneration.

The committee is required to meet not fewer than four times each year, and at such other times as required.

Membership

Pippa Lambert (appointed 01 January 2021) (Chair)1 

Patrick Flynn (appointed 15 June 2020)

Andrea Blance (appointed 21 February 2022)

Jim McConville (appointed 1 February 2023)

1 Chair from 14 September 2021

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 Chair
  • Group CEO
  • Chief People Officer
  • Advisors to the Committee.

Other members of senior management are also invited to attend as appropriate, to present reports.

Reports and disclosures

Role and responsibilities

  • Make recommendations to the Board regarding the Group's remuneration policy in respect of the Board Chair, Executive Directors (EDs), members of the Group Executive Committee 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 Chair of the Board and the terms of employment and remuneration of individual EDs and Group Executive Committee 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 (PDF 79 KB) for our Remuneration Committee

2022 activities

A summary of the committee’s activities during 2022 is shown below, full details can be found in the committee’s report in the 2022 Annual Report and Accounts.
  • Reviewing Senior management objectives, pay decisions, bonus and Long Term Incentive Plan (LTIP) target setting 
  • Responding to cost of living challenges impacting our colleagues
  • Progressing our ambitious diversity, equity and inclusion (DE&I) agenda
  • Reviewing share plan operations and performance testing
  • Reviewing governance and regulatory matters 

The Committee’s decisions are taken in the context of the Reward Governance Framework, which sets out the key policies, guidelines and internal controls and is summarised in the Annual report on remuneration.

Other committees

  • Audit committee

    Assisting the Board in discharging its responsibilities for monitoring the integrity of the Group’s financial statements.

  • Customer and Sustainability Committee

    Assisting the Board in its oversight of culture, conduct and reputation issues.

  • Nomination and Governance committee

    Ensuring the Board has strong and responsible leadership together with a wide range of skills.

  • Risk committee

    Assisting the Board in its oversight of risk within the Group.