STANDARD LIFE'S members will for the first time be given the chance to decide what the board of directors' remuneration should be, says this morning's Scotsman newspaper.
Ahead of the next annual meeting in Edinburgh on April 6th, the mutual insurer plans to post ballot papers on the website within the next 48 hours to allow members to voice their feelings about the £2.4m shared by the group’s board in 2003 – a year when with-profits funds saw five bonus payout cuts. At the same time, however, the vote will not be binding, says the Scotsman, so if policyholders vote for much lower payouts, it could be overturned by the board. Former chief executive, Iain Lumsden, is said to have received a pay deal worth £1m in 2003, thanks to a performance-related bo...
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