Aviva 2009 Annual Report Download - page 118

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Aviva plc Directors’ remuneration report continued
Annual Report and Accounts 2009
Developments in 2010
Patrick Regan
Mr Regan joined the Board of Aviva as Chief Financial Officer on 22 February 2010. As part of the recruitment offer made to
Patrick Regan, the Committee agreed to compensate Mr Regan for the loss of unvested Willis Group Holdings Limited restricted
shares and stock options and for loss of the bonus which would have been paid to him by Willis Group Holdings Limited for the
2009 financial year. This will be in the form of a restricted share award to the value of £1.65 million which is subject to clawback
provisions and will be granted on the earliest permitted date after Mr Regan’s date of joining, a deferred share award to the value
of £283,333 which is subject to clawback provisions and will be granted in March 2010 and a cash bonus of £141,667 which is
payable in March 2010. Mr Regan’s basic salary is £600,000 per annum and the other elements of his remuneration follow the
policies in practice for EDs as outlined earlier in this report.
Philip Scott
Philip Scott retired from the Board on 26 January 2010 but will still be employed by Aviva until 31 July 2010. His ABP for 2008 and
2009 will vest immediately. His LTIP and OATTV Plan awards for 2008 and 2009 will vest to the extent the Committee determines
that the performance conditions have been met and mirroring the good leaver provisions in accordance with the Plan rules. As
discussed in the 2008 Annual Report and Accounts Mr Scott will receive a non-discounted pension with effect from January 2012
and, from 1 October 2010, will be providing consultancy services to the Group for a limited period.
Michael Hawker
Michael Hawker joined the Board of Aviva as a NED on 1 January 2010. He will be paid a fee of £63,000 per year as a member of
the Board and an additional £5,000 per year as a member of the Risk and Regulatory Committee.
Scott Wheway
Chairman, Remuneration Committee
3 March 2010