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 £1m in “outstanding awards” remained as of 15 November, according to the remuneration committee’s report.IFAonline
Partner Insight: For Blackfinch, the arrival of its IHT portfolio services was a 'natural evolution' in the group's offering and points to an established track record of returning cash to investors.
Senior Managers Regime
Interest rate outlook unchaged