Shareholders accuse board of ‘squandering” cash on ads

Aviva’s board was attacked by shareholders at its annual general meeting (AGM) for spending millions on its Bruce Willis, Ringo Starr and Elle Mcpherson-fronted rebranding, the Telegraph reports.

At the AGM at the Barbican Centre in London investors accused the board of "squandering" shareholders' money on the campaign. It is estimated to have cost £80m.

Lord Sharman, Aviva chairman, defended the move, arguing that the insurer's brand awareness had grown from 35% to 80% as a result.

Andrew Moss, chief executive, said: "I am pleased to say that media deflation and higher effectiveness has reduced the cost substantially in relation to our initial plans."