Pay of former Aviva boss more than halved

Mark Wilson

Mr Wilson, who was recruited in in 2013 to turnaround the business which employs 2,500 staff across hubs in Perth and Bishopbriggs, stepped down last year after the company decided it needed another change in leadership to boost value for investors as the firm’s share price continued to lag behind that of other insurers.

He is credited with turning the company around, but a decision in March 2018 to join the board of rival asset manager BlackRock angered some shareholders

According to the insurer’s new annual report, Mr Wilson - still on six month’s gardening leave - was paid £1.84m in 2018 down from £4.3m the previous year.

Wilson’s annual bonus was £692,000 - significantly lower than £1.95m in 2017 and Aviva decided he would not receive long-term share awards following his departure.

The company’s remuneration committee said “several events” during the year had led to bonuses being slashed, including controversial plans to cancel £450m of high-yielding preference shares, which it later scrapped following investor backlash.

But the report revealed Wilson will still receive share awards under the company’s Annual Bonus Plan (ABP) of £3m along with a further £1.1m for salary in lieu of notice.

Mr Wilson’s annual bonus plan shares will vest over the next three years.

The new chief executive Maurice Tulloch, who was promoted from within earlier this month, will receive a basic salary of £975,000 - less than Wilson’s - and could receive an annual bonus of up to 200 per cent of that.

Earlier in March, Aviva warned of a “muted” outlook for 2019 despite reporting a profits rise last year.

Mr Tulloch said the company had “strong foundations” but was yet to fulfil its potential and hoped to “re-energise” the business and deliver long-term growth for shareholders.