Standard Life’s recently appointed chief executive Keith Skeoch has opted to take a cut to this bonus ahead of the company’s AGM next week, which will see his bonus potential cut by a fifth.
In a statement, Standard Life confirmed Skeoch “voluntarily decided not to accept the maximum opportunity awarded to him in 2016” under the company’s long-term incentive plan.
Skeoch, who took over from David Nish in August, will take a bonus package worth 400 per cent of his basic salary, rather than the existing 500 per cent bonus proposed by the board.
Skeoch’s salary for last year was £574,000 plus taxable benefits of £36,000, according to the company’s annual report.
However, in his first full financial year as chief executive Skeoch will receive a base salary of £700,000, Standard Life confirms.
In 2014, when he was chief executive of the group’s asset management business Standard Life Investments, Skeoch received total pay of £5.88m. That same year Nish received a total package of £6m making him the highest paid salaried executive in Scotland.
Standard Life Investments has voted against remuneration packages at Barclays, BP and advertising firm WPP.