Aviva Confirms Board Changes

(RTTNews) - Aviva plc (AV.L, AV) confirmed changes to the composition of the Board. These changes, which have been previously announced, are effective from the conclusion of today's Annual General Meeting.

Sir Adrian Montague has become Chairman of the Board. John McFarlane has retired as Chairman of the Board and as a Non-Executive Director. Gay Huey Evans has retired as a Non-Executive Director

Andy Briggs has been appointed as an Executive Director and CEO, UK & Ireland Life. Malcolm Williamson has been appointed as a Non-Executive Director and Senior Independent Director.

Andy Briggs and Sir Malcolm Williamson will stand for election at the 2016 Annual General Meeting. Their appointments have been approved by the Prudential Regulatory Authority and Financial Conduct Authority.

The company noted that Mr Briggs will receive a basic annual salary of £691,875. He will receive a standard Executive Director bonus opportunity of up to a maximum of 150% of basic salary annually. Any bonus for 2015 will be pro-rated for service. The bonus opportunity has strong performance targets and Mr Briggs will be required to defer two thirds of any award made into Aviva ordinary shares for three years. Mr Briggs will be granted a standard Executive Director award under Aviva's Long Term Incentive Plan (LTIP) of 225% of basic salary in 2015. Awards granted under the LTIP vest after three years only if specific return on equity and shareholder return targets are met. Mr Briggs will be required to build a shareholding in Aviva to the value of 150% of his basic salary and to retain 50% of the net share releases from his deferred bonus and LTIP awards until this requirement is met. However, it is noted that Briggs already meets this requirement.

Mr Briggs will also receive pension contributions and other benefits such as a cash car allowance, private medical benefit and life insurance in line with Aviva's published remuneration policy.