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ABI warns Standard life over executive pay

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The Association of British Insurers has warned Standard Life over pay rewards for its directors, according to the Mail on Sunday.

The trade body has issued an ‘amber top’ warning to Standard Life over changes to directors’ pay ahead of its annual meeting on Tuesday.

The warning means it has concerns that best practice is not being followed.

ABI acting director for investments Hugh Savill told the newspaper: “The ‘‘amber top’’ is to warn shareholders that there has been a lot of change in the remuneration schemes. We think shareholders should understand what has changed and the cumulative effect of these changes.”

A Standard Life spokesman told the newspaper: “These changes strengthen the link between business performance and directors’ rewards.”

The provider’s annual report for 2010 revealed that Standard Life Investments chief executive Keith Skeoch earned £2.1m in 2009 with group chief executive David Nish earning £1.19m.

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Readers' comments (6)

  • Isn't it about time the government brought in legislation to protect shareholders from greedy directors who give themselves massive pay remunerations.

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  • Isn't it about time idle shareholders started looking after their own interests?

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  • Legislation to...protect shareholders?

    Protect the shareholders who have the power to appoint and remove directors?

    I'm with Mr Cowell. It's time shareholders grew a pair.

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  • The problem is that the majority of shareholders are institutional investors who don't want to rock the boat lest the tables are turned on them.

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  • I agree with Mr Cowell, however the majority of shareholders don't understand what they are doing when they complete the ballot papers.

    I would sack all the directors at Standard Life given the poor returns on policies

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  • The problem is that companies like Standard Life used to be run by a group of prudent old actuaries taking sensible long term decisions. We now have a load of 35-year old whizkids who are adopting USA style tactics, measuring profit/targets weekly and paying themselves greedy pay & bonues.

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