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Mutuality not dead says Standard Life chief executive

Standard Life chief executive Jim Stretton entered the mutuality fray today saying the concept of mutually owned companies is far from dead.

He says Standard Life has an obligation to serve not only current policyholders but future generations as well. He maintains they will be best served by the life office remaining a mutual.

Stretton made the comments at the Building Societies Annual Conference in Edinburgh late last week.

He says: “I believe the advantages of mutuality are every bit as relevant in the future as they have been in the past and that financial services markets would be less competitive and would therefore serve customers worse were mutuals to succumb.”

Standard Life has sent out voting papers to its 2.3 members, who will decide the future status of the company. The vote will occur at a special general meeting on June 27.

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