Aviva faces new investor row

Aviva’s revamped management team faces a stormy reception at its annual meeting this week with shareholders likely to demand an immediate reversal in the insurer’s fortunes.

More than 12 months on from last year’s shareholder revolt, in which almost 60 per cent of investors failed to back executive pay packages, Aviva will come under pressure over its flagging share price.

Former boss Andrew Moss may have paid the price with his job for last year’s revolt, but new chairman John McFarlane and chief executive Mark Wilson are yet to convince investors they have the right plan to revive the country’s second-biggest insurer.

Although executive bonuses have been scrapped this year, shareholder advisory body Pirc and the Local Authority Pension Fund have told investors to again vote no, because of payments being made to former executives, including Mr Moss.