Last checked at 6 Sep 2022 09:53
6 September 2022
AVIVA PLC ("Aviva")
NOTIFICATION OF TRANSACTIONS OF DIRECTORS AND PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ("PDMRs")
Aviva announces that:
· On 5 September 2022, Charlotte Jones was granted conditional awards over Aviva plc ordinary shares under the Aviva Long Term Incentive Plan ("LTIP"). The LTIP awards have been granted based on the award price, vesting schedule and performance conditions as applied to the LTIP awards made on 21 March 2022. The CFO LTIP award is consistent with the level set out in our announcement of 4 April 2022 following the appointment of Charlotte Jones.
· The LTIP award for the CFO will vest in 2025 in accordance with the plan rules. LTIP awards for Executive Directors are subject to an additional two-year post-vesting holding period and therefore will be released in 2027.
· The LTIP awards are subject to the achievement of financial and non-financial performance conditions (15% based on Solvency II (SII) Return on Equity, 25% based on Cumulative Cash Remittances, 40% based on relative Total Shareholder Return against a comparator group, 7.5% based on Relationship Net Promoter Score, 7.5% based on the Reduction in CO2 intensity of shareholder assets and with-profit funds, 2.5% based on females in senior leadership roles and 2.5% based on ethnically diverse employees in senior leadership roles). Financial measures are subject to a SII shareholder cover ratio, which is to meet or exceed the minimum of the stated working range (currently 160% to 180%). Performance will be measured over a three-year performance period from 1 January 2022 to 31 December 2024. The amounts shown below represent the maximum possible opportunity.
· Under the LTIP award, additional shares are awarded at vesting in lieu of dividends on the shares that vest.
· The awards were made for nil consideration.
PDMR | Number of LTIP Shares Awarded |
Charlotte Jones | 358,195 |
This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018).
Media Enquiries:
Andrew Reid +44 (0)207 662 3131
Sarah Swailes +44 (0)207 662 6700
Template for notification and public disclosure of transactions by persons discharging managerial responsibilities (PDMRs) and persons closely associated with them
1 | Details of the person discharging managerial responsibilities | ||
a) | Name | Charlotte Jones | |
2 | Reason for the notification | ||
a) | Position/status | Chief Financial Officer
| |
b) | Initial notification/Amendment | INITIAL NOTIFICATION | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | AVIVA PLC | |
b) | LEI | YF0Y5B0IB8SM0ZFG9G81 | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument Identification code
| - SHARES
- GB00BPQY8M80 | |
b) | Nature of transaction | Grant of conditional awards over Aviva plc ordinary shares under the Aviva Long Term Incentive Plan (LTIP) | |
c) | Price(s) and volume(s) | Price(s) | Volume(s) |
Nil cost option | 358,195 | ||
d) | Aggregated information - Aggregated volume - Price
|
Nil cost option
|
358,195 |
e) | Date of the transaction | 2022-09-05 | |
f) | Place of the transaction | LONDON STOCK EXCHANGE, XLON | |