Aviva 2007 Annual Report Download - page 98
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Please find page 98 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.Aviva plc
Annual Report and
Accounts 2007
94
Governance
Directors’ remuneration report continued
Remuneration Committee activity
The Committee is required by its Terms of Reference to meet at least three times per year and has a standing calendar of
items within its remit. In addition to these standing items, the Committee discusses matters relating to the operation of
the remuneration policy and emerging market practices. In 2007 the Committee met eight times and discussed,
amongst others, the following key issues:
Meetings Standing agenda items Other agenda items
February – The annual review of executive directors’ basic salaries – An initial review of the potential
and benefits in kind retirement terms of Group Chief
– Decisions on executive directors’ awards and approval Executive, Richard Harvey if he
of grants of share awards under the Annual Bonus were to retire from the Company
Plan (ABP) – A review of a new LTIP proposed
– Decisions on LTIP grants and associated performance for Morley Fund Management
conditions for the 2007 grants and performance
testing of subsisting grants
– A decision on the award to be made under the UK’s
All Employee Share Ownership Plan to UK employees
and on the operation of Hibernian’s All Employee
Share Scheme
– A review of dilution limits
– Approval of recommendations on contributions into
the Aviva Capital Accumulation Plan
– Approval of the 2006 Directors’ remuneration report
April (twice) – A decision on revised fees for the Chairman of the Board – Approval of departure terms
for Aviva executive director,
Patrick Snowball
– Approval of the appointment
terms for Aviva executive director,
Tidjane Thiam
May – A review of the use of comparator/market data – Approval of appointment terms
and consideration of market trends in executive for Group CEO, Andrew Moss
director pay – Approval of the performance
– A market based review of total remuneration for conditions of Aviva USA’s LTIP
senior management below executive director level – A review of currency exchange
– A review of Remuneration Committee effectiveness issues in calculating relative TSR
for the Aviva LTIP
June – None – Approval of Group Chief
Executive Richard Harvey’s
retirement terms
August – A review of revised executive directors’ bonus – Consideration of a revised process
targets following internal restructuring for setting and assessing executive
– A review of corporate governance and compliance directors’ personal objectives
with ABI guidelines on executive pay – Approval of the Terms of
– Approval of an invitation to UK employees Reference for a review of
to participate in a Save As You Earn scheme executive directors’ remuneration
– Consideration of the impact of
foreign exchange movements on
target setting
December (twice) – Approval of 2008 performance targets for the – A review of executive directors’
operation of the ABP total remuneration
– Approval of executive directors’ personal – Consideration of a proposal to
objectives for 2008 introduce a matching element to
– Initial consideration of the 2007 Directors’ ABP deferrals
remuneration report – A review of the remuneration
of the Chief Executive, Aviva
Investors
– Agreement on internal assurance
on non-financial performance for
the ABP
– A review of Aviva’s current policy
on dividends on LTIP shares
which vest
– Approval of amendments to UK
all employee share ownership plans
in response to legislative changes