Standard bosses 'gain from low float price' - papers 28th June

The paper says because of a quirk in the mutual’s long-term incentive plan (Ltip), which has been altered in preparation for the demutualisation, Standard Life’s top five executives will be awarded more shares if the issue is priced cheaply. In the lead-up to next month’s flotation, Standard Life has emphasised its commitment to “delivering maximum value for members”, who have seen their potential windfalls slashed by about 10% due to stock market turbulence. Analysts argued yesterday Ltip put management’s interests alongside the institutions, which will be pressing for a low issue pric...