This blog gives you the latest topical news plus some informal comments on them from ShareSoc’s directors and other contributors. These are the personal comments of the authors and not necessarily the considered views of ShareSoc. The writers may hold shares in the companies mentioned. You can add your own comments on the blog posts, but note that ShareSoc reserves the right to remove or edit comments where they are inappropriate or defamatory.

Daily Mail, 2 May 2021, Aviva Investor Revolt

The Daily Mail quoted ShareSoc Director Cliff Weight in its 2 May Aviva article https://www.thisismoney.co.uk/money/markets/article-9535371/Aviva-faces-investor-revolt-preference-shares-scandal.html

 

Aviva faces an investor revolt this week after angering shareholders by deciding not to claw back fees from directors who oversaw a preference shares scandal.

The insurer was rocked in 2018 when it said it was considering buying back shares marketed as ‘irredeemable’ for less than they were trading at.

It reneged on the announcement days later, by which time the shares had tumbled.

It was forced to compensate investors. But in its annual report in March, Aviva said it had increased the pay of three directors who had been on the board at the time.

Cliff Weight, of small investors’ group Sharesoc, wants shareholders to vote against Aviva’s pay policy and report.

 

More background is here https://www.sharesoc.org/vci/av-aviva-company-information-and-vote-guidance/

More than 3% of Aviva investors voted against the remuneration resolutions. I am sure it would have been more if the nominee system did not create so many obstacles for individual investors to vote their shares. I requested a proxy to attend the virtual AGM facilitated by Lumi, but the links and codes never arrived.

Cliff Weight, Director, ShareSoc. Disclaimer:  I own shares in Aviva.

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