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Aviva faces investor revolt after preference shares scandal

Aviva faces investor revolt after angering shareholders by deciding not to claw back fees from directors who oversaw preference shares scandal

Aviva faces an investor revolt this week after angering shareholders by deciding not to claw back fees from directors who oversaw a preference shares scandal. 

The insurer was rocked in 2018 when it said it was considering buying back shares marketed as ‘irredeemable’ for less than they were trading at. 

Concern: A revolt would be an unwelcome distraction for chief executive Amanda Blanc who is trying to turn around Aviva’s fortunes

It reneged on the announcement days later, by which time the shares had tumbled. 

It was forced to compensate investors. But in its annual report in March, Aviva said it had increased the pay of three directors who had been on the board at the time. 

Cliff Weight, of small investors’ group Sharesoc, wants shareholders to vote against Aviva’s pay policy and report. 

A revolt would be an unwelcome distraction for chief executive Amanda Blanc who is trying to turn around Aviva’s fortunes. 

The insurer’s annual general meeting is on Thursday.

Read more at DailyMail.co.uk