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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 2016
|Member||Number of meetings attended||Percentage attendance1|
|Patricia Cross (Chairman)
|Sir Malcolm Williamson||5||100%|
1. This shows the percentage of meetings which the committee member attended during the year whilst a member of the committee.
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 2016
A summary of the Committee’s activities during 2016 is shown below, full details can be found in the Committee’s report in the .
- Engaged external advisors to conduct a high level review of the remuneration framework and its alignment with Aviva’s strategic goals. This was a preliminary exercise in preparation for a new Remuneration Policy for shareholders to consider at the 2018 AGM.
- Reviewed the Annual Bonus Plan targets for 2016 and 2017. This included an assessment of financial targets, and non-financial modifiers which consider; risk.
- Benchmarked, reviewed and set salaries for the EDs and GE members from 1 April 2016.
- Approved the 2016 LTIP and considered bonus targets for 2017
- Considered and approved amendments to the Remuneration Standard applying across the Aviva Group to simplify and provide greater clarity on the ownership of controls.
- Reviewed the fees for Non-Executive Directors (NEDs) on our subsidiary Boards and approved a number of amendments.