May 10, 2018
Aviva chief risks bonus hit over preference share controversy
Mark Wilson, chief executive of Aviva, risks losing some of this year's bonus because of a controversy over the company's suggestion it could cancel £450m of preference shares. Many investors had considered the preference shares, which offer investors fixed dividends that take priority over ordinary share dividends, irredeemable. The company last week promised to make goodwill payments of £14m to people who had lost money because of changes in the preference share price. Despite the company's offer of £14m of goodwill payments, some shareholders were still angry about the preference share controversy. On the preference shares, he said: "The board and I received clear legal advice on our ability to cancel the preference shares and we wanted to be transparent about that."
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