Shares blunder: Aviva chief executive Mark Wilson earned £4.3million last year
Aviva boss Mark Wilson is facing a bonus cut after a humiliating failed attempt to cancel special high-yield shares triggered an outcry across the City.
The chief executive, who earned £4.3million last year, was slammed by shareholders at the insurer’s general meeting yesterday.
They claimed he had blackened Aviva’s name by threatening to cancel the so-called preference shares for less than they were worth on the market.
And chairman Sir Adrian Montague hinted that Wilson’s 2018 bonus will be docked.
He said: ‘The remuneration committee will look at the thing dispassionately.’
Aviva’s plan to cancel the shares sent its price into a nosedive.
It dropped the idea weeks later and has set up a £14million fund to compensate 2,000 investors who sold their shares at a loss because of the initial announcement.
The Financial Conduct Authority is now investigating the affair.