TIDMAV.
RNS Number : 7260I
Aviva PLC
21 June 2017
21 June 2017
AVIVA APPOINTS MAURICE TULLOCH TO AVIVA PLC BOARD
Aviva plc ("Aviva" or the "Company") has appointed Mr Maurice
Tulloch as an Executive Director of the Company with effect from 20
June 2017. Maurice is currently Chief Executive Officer,
International Insurance, with responsibility for Aviva's insurance
operations in France, Canada, Ireland, Spain, Italy, Poland, Turkey
and India.
Sir Adrian Montague, Chairman of Aviva, said:
"I am delighted that Maurice has been appointed a director of
the Company given his exceptional skills and experience developed
over 25 years within various roles in Aviva. Maurice is a high
calibre individual, and his appointment gives further focus at
Board level to the Group's European and International businesses,
with the UK already being represented at Board level through Andy
Briggs."
This announcement is made pursuant to Listing Rule 9.6.11.
Enquiries:
Media
Nigel Prideaux +44 (0)20 7662 0215
Andrew Reid +44 (0)20 7662 3131
Investors
Chris Esson +44 (0) 207 662 8115
Aviva's LEI code is YF0Y5B0IB8SM0ZFG9G81
NOTES TO EDITORS
Maurice Tulloch
Maurice joined Aviva in 1992. Prior to his most recent
appointment as CEO, International Insurance, Maurice was Executive
Chairman, Global General Insurance, a role he assumed additional
responsibility for in July 2014 during his time as Chief Executive
Officer of Aviva's UK & Ireland General Insurance business. As
Chairman, Global General Insurance, Maurice's focus was on
maximising GI's potential and growth across the Aviva Group.
Prior to this, Maurice was Chief Executive Officer of Aviva
Canada a position he took up in January 2010.
Maurice has been an active industry voice both in the UK and
Canadian markets. He sits on a number of our subsidiary boards,
Pool Re, Insurance Development Forum (IDF) and is Chair of Climate
Wise, the global insurance industry's leadership group to reduce
the risks of climate change. Previously Maurice was Chair of the
ABI General Insurance Council, Chair of the Insurance Institute of
Canada, Chair of the Property & Casualty Insurance Compensation
Corporation and Deputy Chair of the Insurance Bureau of Canada.
Maurice is a Chartered Professional Management Accountant (CPA
CMA), and holds a Masters in Business Administration (MBA). He is
an active supporter of the United Way and the Juvenile Diabetes
Research Foundation (JDRF) and a member of the UK Catalyst
Programme.
Compensation arrangements
Maurice will receive a basic annual salary of Canadian
$1,196,000. He will receive a standard Executive Director Bonus
opportunity of up to a maximum of 150% of basic salary annually.
The bonus has strong performance targets and he will be required to
defer two thirds of any award for three years, which is an increase
on the 50% deferral that he has previously been subject to.
Maurice will be eligible for awards under Aviva's Long Term
Incentive Plan (LTIP). While the maximum award is 350% of salary,
Maurice received an LTIP award of 225% of basic salary for the
2017-19 performance period, consistent with the other Executive
Directors reporting to the Group Chief Executive Officer (the Group
CEO). Awards granted under the LTIP vest after three years only if
specific return on equity and shareholder return targets are met.
The awards are subject to a two year holding period following
vesting.
Maurice will be required to build a shareholding in Aviva to the
value of 200% of his basic salary and to retain 50% of the net
share releases from his deferred bonus and LTIP awards until this
requirement is met. This requirement has currently been met.
Maurice's remuneration is consistent with the Company's
remuneration policy as detailed in the 2016 Directors' Remuneration
Report and approved by shareholders in 2015, with the exception
that the Board has since increased the shareholding requirement
from 150% to 200% for Executive Directors other than the Group CEO,
who has a shareholding requirement of 300%.
In accordance with paragraph LR 9.6.13R of the listing rules,
Aviva confirms there is no information to be disclosed in terms of
LR 9.6.13R (2) to LR 9.6.13R (6) inclusive in respect of Maurice
Tulloch.
At the date of this announcement, Maurice Tulloch holds 306,710
ordinary shares of Aviva.
Maurice Tulloch's appointment has been approved by the PRA and
FCA.
About Aviva
-- Aviva provides life insurance, general insurance, health
insurance and asset management to 33 million customers.
-- In the UK we are the leading insurer serving one in every
four households and have strong businesses in selected markets in
Europe, Asia and Canada. Our shares are listed on the London Stock
Exchange and we are a member of the FTSE100 index.
-- Aviva's asset management business, Aviva Investors, provides
asset management services to both Aviva and external clients, and
currently manages over GBP340 billion in assets. Total group assets
under management at Aviva group are GBP450 billion.
-- Aviva helps people save for the future and manage the risks
of everyday life; we paid out GBP34.4 billion in benefits and
claims in 2016.
-- By serving our customers well, we are building a business
which is strong and sustainable, which our people are proud to work
for, and which makes a positive contribution to society.
-- The Aviva media centre at http://www.aviva.com/media/
includes company information, images, and a news release
archive.
-- For an introduction to what we do and how we do it, please
click here http://www.aviva.com/about-us/aviva/
-- For broadcast-standard video, please visit http://www.aviva.com/media/b-roll-library/
-- Follow us on twitter: www.twitter.com/avivaplc/
-- Follow us on LinkedIn: www.linkedin.com/company/aviva-plc
-- For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva
This information is provided by RNS
The company news service from the London Stock Exchange
END
BOAFMGZVLMVGNZG
(END) Dow Jones Newswires
June 21, 2017 05:37 ET (09:37 GMT)
Aviva (LSE:AV.)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aviva (LSE:AV.)
Historical Stock Chart
From Apr 2023 to Apr 2024