But the AGM was disrupted by protestors from Amicus union who were protesting outside the conference centre about downgraded pension entitlements for staff.
During the AGM, held at the Edinburgh International Conference Centre, Standard Life announced it would be paying out its first dividend of 5.4 pence in the summer.
Stewart and non-executive director Alison Mitchell retired from the Board following the AGM and three members including group finance director David Nish were formally appointed to the Board. Stewart has been replaced as chairman by Gerry Grimstone.
All resolutions were passed at the meeting which saw a turnout of 170 shareholders.
Stewart said: “It has been a privilege to lead the Standard Life Board through one of teh most remarkable phases in the company’s history.
“Standard Life has achieved a great deal in recent years but I believe it has the potential to achieve so much more. I would like to thank everyone that I have worked with at the Company for their support and I wish Standard Life every success for the future.”