ABI warns Standard life over executive pay
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.