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Incentive plan pushes Standard Life chief’s pay up to £5m

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Standard Life chief exec David Nish

Standard Life chief executive David Nish saw his overall pay reach £5m for 2012, including £2.8m relating to the firm’s long-term incentive plan.

Nish’s total pay for 2012 included a base salary of £775,000, a £1.2m annual bonus and £2.8m related to the group’s long-term incentive plan which is due to vest in June.

Nish’s total remuneration in 2011 was £2.6m. Standard says he will receive a pay increase of 2 per cent in 2013, taking his base salary to £790,000.

Standard Life Investments chief executive Keith Skeoch’s total pay was worth £4.3m which included a £425,000 base salary, a £1.5m annual bonus and £2.3m relating to the long-term incentive plan. Skeoch received a total pay package of £2.6m in 2011. His base salary will rise 3 per cent to £437,750 in 2013.

Chief financial officer Jackie Hunt’s remuneration was £2.5m with a £530,000 base salary, a £730,000 bonus and £1.1m within the long-term incentive plan. Hunt’s 2011 remuneration was worth £1.5m. Hunt’s base salary will increase 5 per cent in 2013 to £565,000.

Standard Life reported a 65 per cent rise in pre-tax profit for 2012, from £544m to £900m, despite a subdued performance from its UK fee-based operation.

Pre-tax profit in the insurer’s UK business increased 74 per cent, from £220m in 2011 to £382m in 2012.

Standard Life remuneration committee chairman Crawford Gillies says: “Given this financial performance and the progress made towards our key strategic priorities, the remuneration committee, in evaluating performance for the year, decided it was appropriate to award the executives close to maximum payments under the annual bonus arrangements.”

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  1. When they have a period of underperformance will any of these grotesque payments be recouped? Course not, the investors will lose out and serves the bloodyu idiots well enough. If shareholders allow this payment structure to continue without challenge they deserve what they get in the long term. It is wrong that FSCS fees can be used to bail out failed investment companies when they fail to deliver, as many have in the past.

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