Aviva tried to cut bank pay

Paul Abberly, chief executive of Aviva Investors has told Treasury minister Lord Myners that Aviva has tried to stop bank bosses talking big salaries and bonuses and has voted against them, the Telegraph reports.

He said: "We have met with the six UK banks 42 times over the last two years on governance, capital and other risk issues, individually as well as collectively through the ABI.

“Of those, 18 meetings have dealt with remuneration issues and in nine instances were followed by voting action, dissenting on the banks' pay practices and proposals at annual general meetings."

The Treasury has published letters from 23 institutional investors detailing what they have done to combat excessive bank pay, the Telegraph said.