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.
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
- 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 2021 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 2021 Performance Year 01/01/2021 – 31/12/2021 (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
- Reviewed updates from external advisers on the regulatory environment and on benchmarking the Company’s remuneration policies and practices against industry best practice
- Refined the measures in the remuneration policy to align with Aviva’s overall strategy, risk culture and ESG ambitions
- Engaged key shareholders on financial and non-financial measures for the 2021 and 2022 annual bonus and the 2021-2023 and 2022-2024 LTIP
- Approved vesting outcomes for the 2018 LTIP and noted the interim testing for 2019, 2020 and 2021 awards.
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.
Assisting the Board in its oversight of risk within the Group.