Standard Life carpetbagger David Stonebanks is taking the company to task over the way it used its institutional shareholder vote to reject Debenhams' recent share offer.
Standard Life Investments head of UK equities David Cumming was recently reported as saying the 425p a share offer for Debenhams undervalued the company against the sector and the market and Standard would reject it.
Stonebanks has written to Cumming saying that current with-profits policyholders own Standard Life but have to leave their share values behind when their policies mature.
He suggests that this zero value also undervalues the company against the sector and market and it should be rejected.
Standard Life spokeswoman Nicola Burton says there is a fundamental difference between a shareholder in a company sich as Debenhams and a policyholder in a company such as Standard Life.
She says: “It is a totally different relationship and it is one we do need to do further work on with members to explain. We are looking to do that in future.”