Aviva 2009 Annual Report Download - page 107

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Aviva plc
Annual Report and Accounts 2009 Directors’ remuneration report continued
Performance review
Corporate responsibility
Governance
Shareholder information
Financial statements IFRS
Financial statements MCEV
Other information
Policy How delivered
Other Benefits
Other benefits are provided on a market competitive basis. — Cash car allowance
— PMI
Overview of the effect on current EDs
The effect of these policies in 2009 for current EDs is set out below. It should be emphasised that the figures shown for both the
OATTV Plan and the LTIP grant represent the face value of those grants. The LTIP grant would only be realised if very stretching
performance conditions were to be met. Details on pension benefits are set out later in this report.
Table 5: Overview of current EDs’ remuneration
Andrew Moss, Group Chief Executive
Element Amount Commentary**
Basic Salary £925,000 during the year Mr Moss requested not to receive an increase to his basic salary in 2009.
Mr Moss requested that his basic salary should not be subject to annual
review in 2010.
ABP £1,029,294 (111.3% of basic Bonus is a function of the degree of achievement of 2009 targets as
salary) follows:
(£343,098 delivered in cash Financial 38.9% (maximum 50%)
and £686,196 deferred into Employee 5.0 % (maximum 10%)
shares for three years) Customer 6.9 % (maximum 10%)
Personal 23.3 % (maximum 30%)
OATTV Plan £501,443 The face value of 100% of the two-thirds deferred element of 2008
annual bonus.
LTIP – Face Value of grant £1,618,750 The face value of the grant represented 175% of basic salary on
28 February 2009.
ACAP £462,500 The Trustee of the Plan accepted Aviva’s recommendation and made an
award into the plan equivalent to 50% of Mr Moss’ basic salary as at
1 April.
Other Benefits £19,000 cash car allowance Mr Moss receives 2% of basic salary as a non-pensionable cash
2% basic salary cash supplement provided in consideration of his surrendering his Unapproved
supplement Unfunded Retirement Benefit (UURB) promise at the point when accrual in
PMI the ASPS ceased.
Philip Scott, Chief Financial Officer*
Element Amount Commentary**
Basic Salary £600,000 during the year. Mr Scott requested not to receive an increase to his basic salary in 2009.
ABP £577,650 (96.3% of basic Bonus is a function of the degree of achievement of 2009 targets as
salary) follows:
(£192,550 delivered in cash and Financial 38.9% (maximum 50%)
£385,100 deferred into shares Employee 5.0 % (maximum 10%)
for three years) Customer 6.9 % (maximum 10%)
Personal 13.3 % (maximum 30%)
OATTV Plan £243,945 The face value of 75% of the two-thirds deferred element of 2008 annual
bonus.
LTIP – Face Value of grant £900,000 The face value of the grant represented 150% of Mr Scott’s basic salary
on 28 February 2009.
ASPS Membership of the ASPS Mr Scott has a fully accrued pension equivalent to two-thirds of his
pensionable salary at retirement.
He therefore no longer accrues service related benefits but does continue
to accrue additional benefits as a result of pensionable salary increases.
Other Benefits £16,120 cash car allowance
PMI
* Philip Scott retired from the Board on 26 January 2010 .
**Percentages do not necessarily add up due to rounding.
Governance