* No bonuses paid for 2012, no pay rises seen in 2013
* New CEO Wilson gets 200,000 stg relocation allowance
LONDON, March 25 British insurer Aviva
cut its directors' wage bill by more than a third last year as
it tried to mend relations with shareholders who criticised it
for excessive executive pay.
Britain's fourth-biggest insurer by market value paid its
directors a total of 4.77 million pounds ($7.27 million) in
2012, down from 7.28 million pounds the previous year, figures
published on Monday in its annual report showed.
In May last year, Aviva became a high-profile target of the
"shareholder spring", a Europe-wide investor revolt against
bumper executive pay, when half of its shareholders voted
against its pay proposals for 2011.
Chief executive Andrew Moss was forced out less than a week
later as criticism mounted over a poor share price performance
during his tenure.
The drop in earnings for Aviva's top managers in 2012
largely reflects the cancellation of all director bonuses.
Chairman John MacFarlane, who took day-to-day control of the
insurer following Moss's departure, received no extra pay
despite his increased workload.
"Whilst we have traditionally had good shareholder support
for our remuneration policies over many years, we believe in
2011 we clearly got it wrong," remuneration committee chairman
Scott Wheway wrote in the report.
"As a result, the Committee has worked over the last year to
make changes that will give us a better framework for the
decisions we take."
Aviva, which in July began cutting costs and selling
underperforming businesses in an effort to boost profits, said
earlier this month that directors would get no pay rises in
Mark Wilson, the former head of Asian insurer AIA,
who took over as Aviva chief executive in January, is entitled
to up to 200,000 pounds to cover the cost of relocating to
London from Hong Kong, Aviva said.