Business

Aviva announces pay freeze for exec directors and leadership team

Insurance giant Aviva has revealed a pause in basic pay increases for executive directors and its leadership team until dividend payments are restarted for ordinary shareholders, amid the coronavirus pandemic.

Other changes to the remuneration of executive directors and the Aviva leadership team includes not being considered for any bonus for 2020 until dividend payments are restarted for ordinary shareholders. 

The news comes as last week Aviva announced it was suspending the payment of the company’s 2019 final dividend to ordinary shareholders.

Aviva attributed the changes to the “significant uncertainties” presented by Covid-19 and the “need for continued prudence”.

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