Policyholders threatening to hold directors to ransom by not voting for resolution 12 - the Report of the Remuneration Committee on Directors' Remuneration - at today's annual meeting were disappointed by a narrow margin as 57% of members voted in favour.
This means the company will be able to pay out to those same directors who have proposed the company demutualise as part of the strategic review into the future of Standard Life. According to the remuneration committee figures presented at the meeting, the aggregate “emoluments of the directors was £2,422,000 (2002 – £2,431,000).” It was also noted that: “From 2003 onwards, in line with market practice, the Group Chief Executive’s scheme is designed to deliver a bonus award of 52.5% of basic salary for on-target performance, with a maximum payment of 75% of basic salary.“ “Nearly £...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes