LONDON, April 30 (Reuters) – British insurer Aviva's chief executive Andrew Moss has waived his 2012 salary increase, bowing to shareholder concerns over executive pay three days before he is due to face investors at the group's annual general meeting.
Aviva, Britain's second-biggest insurer, is also launching a review into whether it over-compensates newly-recruited executives for missing out on bonuses due in their previous jobs, it said on Monday.
Shares in the group lost almost a quarter of their value last year, weighed by its exposure to troubled euro zone economies, and lagging a 12 percent decline in the Stoxx 600 European insurance sector index.
Moss was to have received a 4.8 percent pay increase this year, boosting his basic salary by 46,000 pounds to just over 1 million pounds.
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