Pressure has increased on Standard Life to demutualise as one of the largest with-profit policyholders has jumped on the conversion bandwagon.
Barclays Global Investors, the second largest institutional investor has publicly lent its support to the cause of carpetbagger Fred Woollard, who is leading the charge to demutualise.
Scottish Value Management head Colin McLean, another large investor in the insurance house, has also publicly called for a debate on the future status of the company.
Policy holders with Standard Life could potentially receive windfall payments of up to £6000 if demutualisation occurs.
So far, the board has resisted any demands, defending its pro-mutual status.