The ABI has censured Standard Life over rewards for its directors, ahead of the insurer's annual meeting tomorrow.
ABI members, who control £1.6trn of investments or about 15% of the stock market, have hit Standard Life with an ‘amber top' warning over changes to directors' pay, according to the Daily Mail.
The warning, part of a traffic light system, means it has concerns best practice is not being followed.
Standard Life has played a key role in defining how companies should be run and its own corporate governance watchers are among the most respected in the industry.
The ABI has also written to other boardroom directors of major companies demanding they block big pay rises to top bosses even if economic conditions improve, according to reports.
Shareholders fear a new trend for executives to demand pay rises after the period of restraint sparked by the 2008 banking crisis.
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