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10/06/2015
CREDIT CRUNCH
Aviva calls for freeze on top pay and more focus on staff terms and conditions
Aviva Investors, one of the City's largest investors, has warned companies that it does not expect any rises in boardroom pay this year.
According to a report in the Guardian newspaper, the fund management group, which owns 2% of the stock market, has written to reward consultants and City lawyers who devise remuneration for top bosses to say there must be a clampdown on boardroom pay.
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Aviva said many companies had "paid little more than lip service" to pay and conditions for staff but said "particular attention" should be given to employees, especially where a "company is retrenching and/or making redundancies".
The fund management group is also urging consultants and lawyers to look for ways to overhaul contracts so bonuses can be clawed back if it becomes clear they were based on an "illusory performance".
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Title: “Freeze executive pay and look to staff conditions, demands Aviva”, The Guardian, 29 January 2009.
Availability: To read the full report online go to www.guardian.co.uk/business/2009/jan/28/aviva-urges-executive-pay-freeze.