Aviva 2009 Annual Report Download - page 108

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Aviva plc Directors’ remuneration report continued
Annual Report and Accounts 2009
Mark Hodges, CEO, Aviva UK
Element Amount Commentary**
Basic Salary £520,000 during the year. Mr Hodge s requested not to receive an increase to his basic salary in 2009.
On 1 January 2010, his basic salary increased to £600,000 to reflect his
increased responsibilities across the UK business.
Mr Hodges requested that his basic salary should not be subject to annual
review in 2010.
ABP £502,528 (96.6% of basic Mr Hodges’ bonus is a function of the degree of achievement of 2009
salary) targets as follows:
(£167,509 delivered in cash and Financial 26.5% (maximum 50%)
£335,019 deferred into shares Employee 3.7 % (maximum 10%)
for three years) Customer 7.5 % (maximum 10%)
Personal 26.7 % (maximum 30%)
OATTV Plan £266,039 The face value of 75% of the two-thirds deferred element of 2008 annual
bonus.
LTIP – Face Value of grant £780,000 The face value of the grant represented 150% of Mr Hodges’ basic salary
on 28 February 2009.
ACAP £260,000 The Trustee of the Plan accepted Aviva’s recommendation and made an
award into the plan equivalent to 50% of Mr Hodges’ basic salary as at
1 April 2009.
Other Benefits £16,120 cash car allowance
PMI
Andrea Moneta, CEO, Aviva Europe, Middle East and Africa
Element Amount Commentary**
Basic Salary €713,333 during the year On appointment to` the Board, Mr Moneta received a basic salary increase
(£635,220) from 29 September 2009 of €100,000 (14.7%).
As at 1 January 2009 €680,000 Mr Moneta requested that his basic salary should not be subject to annual
(£605,537) review in 2010.
As at 29 September 2009
€780,000
(£694,587)
ABP €848,660 (108.8% of basic Mr Moneta’s bonus is a function of the degree of achievement of 2009
salary) targets as follows:
(€282,887 delivered in cash and Financial 41.7% (maximum 50%)
€565,773 deferred into shares Employee 0.0 % (maximum 10%)
for three years) Customer 8.8 % (maximum 10%)
Personal 22.0 % (maximum 30%)
OATTV Plan €408,000 The face value of 75% of the two-thirds deferred element of 2008 annual
bonus.
LTIP – Face Value of grant €850,000 The face value of the grant represented 125% of Mr Moneta’s basic salary
on 28 February 2009.
ACAP €91,848 Mr Moneta’s ACAP contribution is for the period 1 July 2009 to
31 December 2009.
Other Benefits €16,653 cash car allowance
during the year
€82,201 exchange rate
adjustment
€1,066,700 compensation for
loss of earnings, options and
performance shares from
previous employer
€100,000 housing allowance
per annum for three years
€40,000 schooling allowance
PMI
(Based on average exchange
rate for 2009 of €1.12297:
£1.00)
Annual car allowance of £13,300 (€14,936) from 1 January 2009 to
28 September 2009, and €21,500 per annum from 29 September 2009 to
31 December 2009.
€82,201 is payable as an exchange rate adjustment for the period 1 July
2008 to 30 June 2009.
A further €800,000 compensation is payable for loss of earnings, options
and performance shares from a previous employer, half payable in 2010
and half payable in 2011.
€100,000 annual housing allowance up to July 2011, grossed up for tax
purposes.***
€40,000 annual schooling allowance payable up to the end of secondary
schooling, grossed up for tax purposes.***
** Percentages do not necessarily add up due to rounding.
*** These exceptional other benefits were provided to replicate pre-existing obligations and are time-limited.