Yahoo Finance Standard Life bows to pressure on executive pay
The boss of Standard Life took a 20% pay cut last year after the company’s board bowed to City pressure over executive remuneration.
Keith Skeoch’s pay package totalled £2.7 million last year compared with £3.6 million in 2015.
Writing in the insurer and asset manager’s annual report, Melanie Gee, remuneration committee chairman, explained shareholders had raised concerns over terms for new board members, Skeoch’s promotion to chief executive and the termination arrangements for previous boss David Nish.
Skeoch consequently volunteered a reduction in a long-term incentive plan, while the committee agreed a new limit on annual awards and reviewed its approach to bonuses during gardening leave.
Gee said “open, frank and constructive” meetings held with investors were shaping future pay policies.
Skeoch’s pay cut came despite Standard Life’s assets under management growing 16% to £357.1 billion last year. Operating profit before tax was up 9% at £723 million.
The firm said while optimism was building in financial markets, uncertainty would “remain elevated”.
