Aviva Investors, one of the UK's largest investors, says some companies “have failed to back up their words with action” in the wake of the Covid pandemic, and has warned it will vote against boards that have rewarded undeserving bosses with excessive pay and bonuses.

The £355bn asset manager opposed 43% of pay packages globally last year and has vowed to adopt an equally tough stance at this year's round of annual shareholder meetings.