Aviva 2007 Annual Report Download - page 102
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Aviva plc
Annual Report and
Accounts 2007
98
Governance
Directors’ remuneration report continued
Overview of the effect on former executive directors
For those executive directors who left employment with the Company in 2007 or as at 31 December 2007 were under
notice, the overview is as follows:
Richard Harvey, former Group Chief Executive
(Retired from the Company on 31 July 2007)
Element Amount Commentary
Basic salary £525,000 during the year – Mr Harvey received no increase in basic salary during the year.
As at 1 January £900,000
As at 31 July £900,000
Annual Bonus Plan £523,950 (99.8% of basic – Mr Harvey received a bonus based on unaudited half year
salary prorated for the seven financial results and personal performance. Given his retirement,
months of the year worked) the award was paid wholly in cash in August 2007.
LTIP – face value n/a – Mr Harvey received no LTIP award in 2007. His 2005 and 2006
of grant LTIP awards will vest in March 2008 and March 2009 to the extent
that the Committee determines the performance conditions have
been met. Any vested award will be subject to pro-rating for
Mr Harvey’s service during the performance period.
Aviva Capital £600,000 – The Trustee of the Plan accepted Aviva’s recommendation and
Accumulation Plan made an award to the benefit of Mr Harvey into the plan.
Other benefits £11,083 cash car allowance
Private medical insurance
Patrick Snowball
(Left the Company by mutual agreement on 30 June 2007)
Element Amount Commentary
Basic salary £280,000 during the year – Mr Snowball received a basic salary increase from 1 April of
As at 1 January £550,000 £20,000 (3.6%).
As at 30 June £570,000
Annual Bonus Plan No payment was made to – Mr Snowball received those ABP shares from the 2006 and 2007
Mr Snowball in respect of deferrals that vested by right under the scheme rules and,
2007 performance additionally, at the Remuneration Committee’s discretion, the
balance of those deferrals.
– Mr Snowball also received those shares from the 2005 Deferred
Bonus Plan (DBP) award that were his by right under the scheme
rules. The Remuneration Committee determined that the 2005
DBP matching shares should be forfeited.
LTIP – face value £825,000 – The face value of the grant represented 150% of Mr Snowball’s
of grant (forfeited on departure) basic salary on 28 February 2007.
– In accordance with the rules of the Plan, on his departure,
the Remuneration Committee determined that his 2007 award
and the unvested 2005 and 2006 awards should be forfeited.
Other benefits £8,060 cash car allowance
Private medical insurance