Investor pressure sees Aviva row back on share cancellation

By The Newsroom
Published 23rd Mar 2018, 11:57 BST
Updated 23rd Mar 2018, 13:00 BST
Group chief executive of Aviva, Mark Wilson Photo: John Stillwell/PA WireGroup chief executive of Aviva, Mark Wilson Photo: John Stillwell/PA Wire
Group chief executive of Aviva, Mark Wilson Photo: John Stillwell/PA Wire
Insurance giant Aviva has succumbed to shareholder pressure and rowed back on its controversial proposal to cancel £450m worth of preference shares.

Earlier this month, Aviva said it would cancel the shares at par value as part of a plan to return £500m to shareholders.

But on Friday the company said it had spoken to a large number of investors and received “strong feedback and criticism”.

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