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 (Chair) (appointed 01 January 2021)1
Patricia Cross (appointed 01 December 2013)
Michael Mire (appointed 14 May 2015)
Patrick Flynn (appointed 15 June 2020)
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
- Section 430(2B) Companies Act 2006 Statement - Maurice Tulloch 6 July 2020 (PDF)
- Section 430(2B) Companies Act 2006 Statement - Andy Briggs 24 April 2019 (PDF)
- Section 430(2B) Companies Act 2006 Statement - Mark Wilson 9 October 2018 (PDF)
- Remuneration Committee report (including Directors' Remuneration Policy) from our 2020 Annual Report and Accounts (PDF)
- FCA Remuneration Code (Capital Requirements Directive IV) Disclosure for Aviva Wrap UK Limited and Aviva Investment Solutions UK Ltd for the 2020 Performance Year 01/01/2020 – 31/12/2020 (PDF)
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 43 KB) for our Remuneration Committee.
2020 activities
- Engaged external advisors to advise on changes in the regulatory environment including the 2018 Code, and to benchmark the Company’s remuneration against industry best practice
- Considered and agreed the remuneration package for the departing Group CEO and associated regulatory disclosures
- Reviewed performance testing of all existing LTIP awards, and approved targets for the 2020 LTIP awards
- Approved vesting of the 2017 LTIP and noted the interim testing for 2018, 2019 and 2020 awards
Other committees
Audit committee
Assisting the Board in discharging its responsibilities for monitoring the integrity of the Group’s financial statements.
Read more
Customer, Conduct and Reputation committee
Assisting the Board in its oversight of culture, conduct and reputation issues.
Read more
Nomination and Governance committee
Ensuring the Board has strong and responsible leadership together with a wide range of skills.
Read more
Risk committee
Assisting the Board in its oversight of risk within the Group.
Read more