| LONDON, March 24
LONDON, March 24 British insurer Aviva
could pay its chief executive Mark Wilson up to 5.3 million
pounds ($8.7 million) for his first year in the job he took on
after a shareholder rebellion led to the departure of his
According to Aviva's annual report for 2013, published late
on Monday, Wilson's pay comprises a basic salary of 980,000
pounds plus a bonus of 1.1 million pounds, one third of which
will be paid in cash with the rest paid in shares deferred for
The company will also pay 293,000 pounds towards his pension
while under a long term incentive plan he could in theory be
entitled to a further 2.9 million pounds if targets are met.
However, long term incentives are rarely paid in their
entirety and Aviva executives received just 35 percent of the
maximum during the last pay round.
Wilson has steered a restructuring of the company since it
recruited him from Asian rival AIA in late 2012, cutting costs,
selling off non-core assets and reshaping top management.
When the company published forecast-beating earnings earlier
in March, Wilson said top performing staff could expect bonuses
to be reinstated a year after they were cut and senior employees
saw pay frozen.
Aviva shares rose by more than a fifth during 2013.
The company had reined in executive pay to appease
shareholders after half of them, angered at poor share price
performance, voted against remuneration proposals in 2012,
ultimately forcing out former chief executive Andrew Moss.
"We believe there is a clear link between the performance of
the group, the value we add for shareholders and the
remuneration of our most senior executives," Aviva said in its
($1 = 0.6065 British Pounds)
(Reporting by Chris Vellacott; Editing by Anthony Barker)