Standard Life members to vote on directors' pay - papers 1st March

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...