Aviva faces an investor revolution after it angered shareholders by deciding not to recover fees from the directors who oversaw the preferred stock scandal.
Aviva faces a revolution among investors this week after it angered shareholders with its decision not to refund fees from the managers who oversaw the preferred stock scandal.
The insurer was shaken in 2018 when it said it was considering repurchasing shares that were marketed as “non-refundable” for less than they were trading in.
A concern: the insurgency could be an unwelcome distraction for CEO Amanda Blank as he tries to change Aviva’s fortunes
I pulled back from the ad days later, at which point stocks tumbled.
He was forced to compensate the investors. But Aviva said in its annual report in March that it had raised the salaries of three directors who were on the board of directors at the time.
Cliff Wise of Sharesoc, a small investor group, wants shareholders to vote against pay policy and the Aviva report.
The rebellion could be an unwelcome distraction for CEO Amanda Blank as he tries to change Aviva’s fortunes.
The annual general meeting of the insurance company will be held on Thursday.