Shareholders' group calls for exit of four directors at Aviva

A group of activist shareholders of insurance major Aviva has called for additional four directors to leave the company following the exit of former chief executive Andrew Moss earlier this year.

The Financial Times reported that the Norwich Union Policyholders' Action Group, which had 181 members and which led the criticism of Moss's tenure, prompting his decision to leave the company in May, has called for four more directors to step down.

The group has called for the departure of former Association of British Insurers director general Mary Francis, former chief financial officer of American Express Richard Goeltz, former finance director of BAA Russell Walls, and ex-Boots executive Scott Wheway, who chairs Aviva's remuneration committee.

According to the group, the first three board members failed to challenge Moss's strategy and leadership while Wheway had presided over excessive board remuneration.

An Aviva spokesperson said large institutional investors were not pushing for further board changes and had supported restructure plans announced by executive chairman John McFarlane earlier this year.

The newspaper said views of institutional shareholders would have a crucial bearing in determining the fate of Moss, under whose watch Aviva shares fell around 60 per cent.

Meanwhile,  McFarlane is focussing on improving the group's operations and examining various asset disposals even as hundreds of jobs in the UK and thousands globally remain at risk with the insurer seeking to strip several layers of management.