STANDARD LIFE'S board was yesterday dealt a hefty blow after policyholders not only attacked the company's generous executive remuneration packages but almost voted down any future pay rises.
The Scotsman reports the board of directors only just escaped an embarrassing majority vote against their pay after an unexpected number of policyholders came to the mutual's annual meeting in Edinburgh. The board said it planned to demutualise the company by 2006-7 after its core product - its with-profits fund - became so unpopular it was left with no choice but to float the company to raise capital. That said, several members of the company questioned the £3m in salary and bonuses the directors received last year after with-profits policyholders saw their own payouts axed three t...
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