Aviva scraps executive bonuses and pay hikes amid COVID-19 crisis

UK insurer Aviva has cancelled the annual bonuses and pay hikes of executive directors and leadership team for 2020 until the dividend payments resume.

The changes to the remuneration of senior managers have been agreed in light of the significant uncertainties presented by COVID-19.

Additionally, the basic pay increases for executive directors and the leadership team, which were due to come into effect on April 1, 2020, will be paused until dividend payments are restarted.

Aviva said that the current circumstances have called for continued prudence.

"Executive Directors and the Aviva Leadership Team will not be considered for any bonus for 2020 until dividend payments are restarted for ordinary shareholders," the company said in a statement.