Aviva 2007 Annual Report Download - page 110
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Please find page 110 of the 2007 Aviva annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.NED fees payable from 1 April 2007 are as follows:
Chairman £475,000
Board membership fee £60,000
Additional fees are paid as follows:
Senior independent director £20,000
Committee Chairman – Audit £35,000 (inclusive of committee membership fee)
– Remuneration £20,000 (inclusive of committee membership fee)
– Risk and Regulatory £15,000 (inclusive of committee membership fee)
Committee membership – Audit £10,000
– Remuneration £10,000
– Nomination £5,000
– Risk and regulatory £5,000
– Corporate Social Responsibility £5,000
Directors’ service contracts and letters of appointment are available for inspection at the Company’s registered office
during normal hours of business.
Directors’ remuneration in 2007
This section of the report sets out the remuneration paid or payable to the directors in respect of the year to
31 December 2007. The following sections headed “Directors’ remuneration”, “Executive directors’ pension
arrangements” and “Share incentive plans” along with their associated footnotes have been subject to audit.
Basic salary/fees Bonuses ACAP Benefits Total
2007 2006 2007 2006 2007 2006 2007 2006 2007 2006
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Chairman
Lord Sharman 450 375 ––––––450 375
Executive directors
Richard Harvey 525 875 524 1,296 600 450 46 61 1,695 2,682
Andrew Moss 790 533 853 744 398 275 56 36 2,097 1,588
Philip Scott 565 543 641 680 ––55 63 1,261 1,286
Patrick Snowball 280 543 –763 ––16 39 296 1,345
Tidjane Thiam 196 –––––6–202 –
Non-executive directors
Nikesh Arora 32 –––––––32 –
Guillermo de la Dehesa 95 86 ––––––95 86
Wim Dik 90 69 ––––––90 69
Mary Francis 90 64 ––––––90 64
Richard Karl Goeltz 87 78 ––––––87 78
Carole Piwnica 82 74 ––––––82 74
Russell Walls 102 64 ––––––102 64
Scott Wheway 5–––––––5–
Former directors
Derek Stevens* –99 –––––––99
André Villeneuve* –65 –––––– –65
Total emoluments of directors 3,389 3,468 2,018 3,483 998 725 179 199 6,584 7,875
* Retired on 31 December 2006.
Notes
1. “Bonuses” include the value of shares granted under 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 the cash bonus paid plus the amount 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
therefore have been met by the Company. The disclosure also includes the cost of private medical insurance, and where 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 £120,000 was paid to him in 2007. Derek Stevens, a former non-executive
director who retired from the Board on 31 December 2006 received a fee of £25,000 in 2007 for continuing to serve as chairman of the Aviva Staff
Pension Scheme.
4. 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.
5. 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 2007
was £6.6 million (2006: £7.9 million).
6. No compensation payment for loss of office was made to any director, or former director, during the year.
7. Amounts paid to Tidjane Thiam relate only to the period for which he served as an executive director.
Aviva plc
Annual Report and
Accounts 2007
106
Governance
Directors’ remuneration report continued