Aviva 2006 Annual Report Download - page 98

Aviva plc
Annual Report and Accounts 2006 94
Directors’ remuneration report continued
Governance continued
Directors’ remuneration
Basic salary/fees Bonuses ACAP Benefits Total
2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Chairman
Lord Sharman 375 48 ––––––375 48
Executive directors
Richard Harvey 875 790 1,296 1,028 450 –61 104 2,682 1,922
Andrew Moss 533 470 744 589 275 –36 20 1,588 1,079
Philip Scott 543 515 680 583 ––63 54 1,286 1,152
Patrick Snowball 543 503 763 693 ––39 104 1,345 1,300
Non-executive
directors
Guillermo de la Dehesa 86 77 ––––––86 77
Wim Dik 69 59 ––––––69 59
Mary Francis 64 13 ––––––64 13
Richard Karl Goeltz 78 63 ––––––78 63
Carole Piwnica 74 56 ––––––74 56
Russell Walls 64 56 ––––––64 56
Former directors
Derek Stevens* 99 91 ––––––99 91
André Villeneuve* 65 59 ––––––65 59
Total emoluments 3,468 2,800 3,483 2,893 725 –199 282 7,875 5,975
of directors
*Retired on 31 December 2006.
The charts below illustrate the balance between basic salary and variable performance based compensation (annual bonus and long-term
incentive plans) received by each executive director in the year to 31 December 2006.
Notes
1. “Bonuses” include the value of shares granted under the free share part of the Aviva All-Employee Share Ownership Plan (maximum £3,000) and the total amounts earned in
respect of 2006 performance under the Annual Bonus Plan (ie including the amounts deferred and granted in the form of shares).
2. “Benefits”. All the executive directors received life assurance benefits during the year that relate to the cost incurred by the Company of insuring the directors’ life assurance
and spouses’ benefits which, had they died during the year,could not have been wholly paid by the pension scheme and would thereforehave been met by the Company.
The disclosure also includes the cost of private medical insurance, and when appropriate, accompanied travel, accommodation and car benefits. All the numbers disclosed
include the tax charged on the benefits. No directors received an expense allowance during the year.
3. Payments to former directors: Since his retirement as a director in 2003, Anthony Wyand has served as a consultant and as a director on the Boards of some of the Group’s
European operations. Under this arrangement, a fee of £145,000 was paid to him in 2006. During the year, shares granted to certain former executive directors under the
company’s incentive plans vested. Details of these awards were fully disclosed in the year of grant.
4. For the purposes of the disclosure required by Schedule 6 to the Companies Act 1985 the total aggregate emoluments of the directors in respect of 2006 was £7.9 million.
(2005: £6.0 million).
5. No compensation payment for loss of office was made to any director, or former director, during the year.
6. Andrew Moss did not benefit from the LTIPs that vested in 2006 as he was not an employee in 2003, when they were granted.
0% 50% 100%
Salary,
28%
Bonus,
42%
LTIP,
30%
Richard Harvey
0% 50% 100%
Salary,
42%
Bonus,
58%
Andrew Moss
6
0% 50% 100%
Salary,
30%
Bonus,
37%
LTIP,
33%
Philip Scott
0% 50% 100%
Salary,
30%
Bonus,
42%
LTIP,
28%
Patrick Snowball