Aviva 2013 Annual Report Download - page 102

Aviva plc
Annual report and accounts 2013
100
Directors’ remuneration report continued
Patrick Regan tendered his resignation as CFO on 22 January 2014 and will leave the Board and the Group before the AGM.
 Mr Regan will continue to receive basic salary and benefits up to his agreed departure date. There will be no payment in lieu of
any balance of his notice period that may be outstanding on departure
 He received no bonus in respect of 2013 and will receive no bonus in respect of 2014. No LTIP award will be made for 2014
 The deferred element of Mr Regan’s 2010 and 2011 bonuses will lapse on termination of his employment
 His 2011, 2012 and 2013 LTIP awards will also lapse on termination of his employment
Historical TSR performance and CEO remuneration outcomes
Table 16 below compares the TSR performance of the Company over the past five years with the TSR of the FTSE 100 Return Index.
This index has been chosen because it is a recognised equity market index of which Aviva is a member. The companies which
comprise the current LTIP comparator group for TSR purposes are listed in the ‘TSR Targets’ section above.
Table 16: Aviva plc five-year TSR performance against the FTSE 100 return index and the median of the comparator group
Aviva plc ve-year TSR performance against the FTSE 100 Index and the median of the comparator group
Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13
200
0
50
100
150
TSR (rebased to 100)
Aviva FTSE 100 Comparator group median
Table 17 summarises the Group CEO single figure for total remuneration, annual bonus pay-out and LTIP vesting as a percentage
of maximum opportunity over this period.
Table 17: Historical CEO remuneration outcomes
Group CEO 2009 2010 2011 2012 2013
Annual bonus payout (as a % of maximum opportunity)
Mark Wilson
Andrew Moss
—
74.2%
—
74.3%
—
81.0%
—
0%
75%
—
LTIP vesting (as a % of maximum opportunity)
Mark Wilson
Andrew Moss
—
50%
—
72.3%
—
81.7%
—
0%
—
—
CEO Single figure of remuneration (£m)
Mark Wilson1
Andrew Moss2
—
2,591
—
2,748
—
3,477
—
554
2,615
—
Notes
1 Mark Wilson joined the Board as an ED with effect from 1 December 2012, and became Group CEO on 1 January 2013. He received no emoluments in respect of 2012.
2 Andrew Moss resigned from the Board with effect from 8 May 2012 and left the Company on 31 May 2012.
Percentage change in remuneration of Group CEO
The table below would ordinarily set out the increase in the basic salary, bonus and benefits of the Group CEO and that of the
wider UK workforce. As the current Group CEO became CEO on 1 January 2013 but joined the Board with effect from 1 December
2012, no comparison is possible this year. The UK employee workforce was chosen as a suitable comparator group as EDs are
based in the UK (albeit with a global role and responsibilities) and pay changes across the Group vary widely depending on local
market conditions.
Table 18: Percentage change in remuneration of Group CEO
% change in basic salary
2012 – 2013
% change in bonus
2012 – 2013
% change in benefits
2012 – 2013
Group CEO — — —
All UK-based employees 2.69% 75.57%1 3.65%
Notes
1 The increase in bonus awards for all UK based employees in 2013 reflects a significant improvement in the performance of the UK businesses against their targets compared with 2012, when overall Group performance impacted
bonus budgets. Given this high level of performance in 2013, bonus awards for 2014 are not likely to continue at this level.