Aviva suffers humiliating revolt over executive pay In one of the largest rebellions in corporate history, early indications suggest that 59pc of investors failed to back the pay report, despite the insurer making concessions over directors' remuneration earlier this week. On Monday, Aviva said chief executive Andrew Moss would not receive a pay rise this year that would have taken his salary to more than £1m a year, and that it would review the payment of "golden handshakes" for new executives. The vote on the remuneration report followed a stormy annual meeting at London's Barbican Centre, where investors called for Mr Moss to stand down. To a round of applause, one private shareholder, Philip Meadowcroft, said: "Our board members are more concerned about remuneration than growing the business. You have overseen a year-by-year destruction in shareholder value. Another, Michael Mason-Mahon, reflected on recent board changes, which have seen a number of high profile executives leave Aviva over the past few months. Addressing Mr Moss and Lord Sharman, the group's chaiman who will be replaced by John McFarlane next month, he said: "When children keep running away from home, you have to look at the parents. You both appear to be bad parents. When you stand down - take Mr Moss with you. Earlier at the meeting, Mr Moss, apologised for Aviva's current share price, which has been hit by the eurozone debt crisis, one of company's largest markets. I care deeply about the Aviva share price and i'm as frustrated about it as anybody in this room. Yet despite the difficult external environment in Europe we have many things to celebrate and many reasons to be excited in the future. The rebellion is particularly embarrassing for Aviva, given its fund management arm - Aviva Investors - prides itself on its high corporate governance standards. Pensions & Investment Research Consultants, the shareholder group, which advised its members to vote against Aviva's "excessive" pay report, has already backed Vince Cable's suggestions that future company pay policies should require 75pc shareholder backing. Under both proposals, Aviva's pay plan would face rejection.