AVIVA PLC (AV.)

AVIVA PLC (AV.)

Blog posts

AGM – scope for change

There is an excellent FT article on AGMs  https://www.ft.com/content/1209fa2f-30a9-4a16-bcee-65743814acc2 (11 June 2020) which quotes me in some detail: Cliff Weight, from the individual shareholders group ShareSoc, says he is concerned that some companies see AGMs as a “waste of time and unnecessary, apart from the formalities” required by law. He fears some will use the disruption caused by the pandemic to rubber stamp bad practices, such as by making it harder for investors to question the board. ShareSoc believes a move towards live AGM ...

Aviva Preference Shares – FCA Announcement

Readers who take any notice of financial affairs will be aware of the furore over the threat by Aviva to redeem their preference shares by a “share cancellation” process – they claimed that is a different legal process, even though the shares were described as “irredeemable”. The shares concerned dropped in price to a significant extent because their high coupon interest rate meant they were trading at a premium when cancellation would have meant redemption at the original par value. Aviva ...

Aviva Preference Shares: Write to your MP!

Please write to your MP requesting that a Parliamentary Select Committee investigate Aviva’s action. The Financial Times published a joint letter from Peter Parry of UKSA and Cliff Weight of ShareSoc, highlighting our concerns. The suggested wording of a letter/email to your MP is as follows "Dear xxxx, A Parliamentary Select Committee should investigate Aviva’s actions which have sullied the reputation of the London Stock Exchange and may cause financial losses running into billions for many individuals. The issues are highlighted in a joint ...

A tale of three AGMs

by Cliff Weight Last week I went to 3 AGMs. Aviva on Wednesday, 10 May in London and then Lloyds in the morning of the 11th and RBS in the afternoon, both in Edinburgh. Aviva was very well attended with about 600 people in the Queen Elizabeth Centre. There were plenty of displays of the Aviva products, lots of staff to explain them and deal with any customer issues or complaints. There were also stands explaining the business (noticeable by its absence was ...

No More Dividend Cheques From Aviva

It has been brought to my attention that insurance company Aviva (AV.) are to stop paying dividends via cheque. Unless shareholders supply bank account information and accept direct payments into them, they will not get paid their dividends in future. This particularly affects those shareholders who hold their shares in certificated form or as personal crest members where payment by cheque is the default method. Another company that introduced this rule a year or two back was Vodafone, despite the objections of ...

AGM Reports

Aviva AGM Report (AV.) 2017

Aviva was very well attended with about 600 people in the Queen Elizabeth Centre. There were plenty of displays of the Aviva products, lots of staff to explain them and deal with any customer issues or complaints. There were also stands explaining the business (noticeable by its absence was Aviva Investors) and how Aviva contributes to the community. For those arriving early, and many did, there was plenty to see and do and to mingle with fellow shareholders and directors who ...

AVIVA (AV.) AGM Report 2016

I attended the AGM on 4 May 2016, which was held at the Queen Elizabeth II Centre, at 11am. There were 400+ people present at the AGM. This was a very well organised AGM with stands where members of staff were explaining the various different parts and products/services of the Aviva business. Before and after meeting the directors mingled with the shareholders. I arrived early and was pleasantly surprised to find myself chatting to Euan Munro, the chief executive officer of Aviva ...

Aviva plc (AV.) AGM Report 2012

The Aviva Annual General Meeting has produced a substantial and deserved reaction all over the media and the financial world. It was my pleasure to attend and to speak. l was also invited to a TV interview “before and after” the meeting by one of the commercial channels. This was cancelled at a late stage. It is my belief that AVIVA, correctly expecting a hostile reaction, and being a big advertiser, used their muscle to stop it. It was also noticeable ...

ShareSoc News

UKSA / ShareSoc policy papers, submissions and campaigns

Since we began merger discussions, UKSA and ShareSoc have worked together on policy and campaigning issues. Below is a list of issues where we have made a significant input. This shows the wide number of areas where we have been active since 1st January 2017 (Updated 25th October 2018). Date Document Recipient Drafted by Notes December 2018 (Started Dec 2016) RBS Shareholder committee campaign RBS/Media ShareSoc (CW) Supported by UKSA November 2018 Procurement of Audit services (Kingman Part II) Sir John Kingman PP with CW Joint submission from UKSA and SS October  2018 Competition and Markets Authority (CMA) consultation ...

Corporate Remuneration Reports

Aviva AGM Remuneration Issues

AGMs are very useful. They enable investors to monitor what management is doing. I recommend Shareholders attend AGMs and give notice beforehand of questions they plan to ask. A politely asked question, when given advance notice will usually produce a much better response, in my experience, than an aggressive one shouted from the floor. If the company knows you will be there they usually do their best to answer your question. And you can always follow up afterwards or before the ...

AVIVA Remuneration Report 2016

I recommend Members vote against the AVIVA remuneration resolution. I intend to attend the AVIVA AGM and raise these issues. In the absence of clear evidence to the contrary (and noting that the bonus plan payout has averaged 78% of the maximum over the past seven years, the percentage vesting of LTIPs has averaged 68% over the past seven years and as their chart on page 113 so clearly shows AVIVA have performed no better than the median over the past seven years), ...