Aviva 2013 Annual Report Download - page 97

Strategic report Governance IFRS Financial statements Other information
Aviva plc
Annual report and accounts 2013
95
Directors’ remuneration report continued
Committee activities during 2013
Whilst not mutually exclusive the categories shown on the pie chart below were areas of focus for the committee during the year.
The chart also shows how the committee dedicated its time to these activities.
Remuneration Committee – allocation of agenda time
5% Shareholder liaison
29% Remuneration policy/Governance/
Regulatory issues/Reporting
28% Share plans operation/Performance testing/Targets
38% Senior management objectives/Remuneration/
Succession planning
Implementation of remuneration policy in 2014
The implementation of the policy will be consistent with that outlined in the policy report and we are not proposing any significant
changes compared with the policy that applied in 2013.
Basic salaries
The basic salary for the Group CEO will remain unchanged at £980,000 per annum.
Annual bonus
The maximum annual bonus opportunity will remain at the levels set out in the policy section of this report. Annual bonus
performance measures and weightings will be broadly in line with those for 2013.
Whilst we are not disclosing 2014 bonus targets due to commercial sensitivity, we will provide an explanation of 2014 bonus
payments together with performance against measures and targets in the 2014 report. This is in line with the approach we have
taken this year.
LTIP
LTIP grants in 2014 will be in line with the levels set out in the policy report. The LTIP will vest subject to the degree of achievement
of two equally weighted performance measures, absolute ROE and relative TSR performance, which have been chosen to reflect
shareholders’ long term interests. No grant will be made to Patrick Regan, who tendered his resignation as CFO on 22 January
2014 and will leave the Board and the Group before the AGM.
Approach to non-executive directors’ fees for 2014
NED fees were last reviewed in March 2014 and limited changes were made as set out below. Table 7 below sets out our approach
to NEDs fees for 2014:
Table 7: Non-executive directors’ fees
Role Fee from 1 April 2014 Fee from 1 April 2013
Chairman of the Company1 £550,000 £550,000
Board membership fee £70,000 £65,000
Additional fees are paid as follows:
Senior Independent Director £35,000 £35,000
Committee Chairman (inclusive of committee membership fee)
–
Audit £45,000 £45,000
–
Governance £35,000 £20,000
–
Remuneration £35,000 £35,000
–
Risk £45,000 £45,000
Committee membership
–
Audit £15,000 £15,000
–
Governance £12,500 £10,000
–
Nomination £7,500 £7,500
–
Remuneration £12,500 £12,500
–
Risk £15,000 £15,000
Notes
1 Inclusive of Board membership fee and any committee membership fees.