Fifty-four per cent of Aviva shareholders voted against the company's pay and bonus packages amid anger over Aviva's falling share price. Group chief executive Andrew Moss left the firm with immediate effect on Monday as a result of the shareholder action.
HOW I SEE IT - Nick Murray-Leslie, CEO, Chatsworth Communications
Aviva will not be the last scalp in the 'shareholder spring'. The issue is not really about executive pay but strategy, under-performance and leadership.
Aviva has made a real Horlicks of its strategy and its communication and dialogue with key stakeholders over the past few years. The decision to waive a relatively modest pay rise was tactically meaningless and a strategic misfire on the investor relations side.
Executive teams need counsel of the highest standard and ability to influence operational and strategic direction where there is a danger of reputational risk.
Aviva shares went up on news of the CEO's departure. The firm now has a chance for renewal if it gets a grip on its narrative and communicates its focus going forward.