View more on these topics

Standard revamps membership rules

Standard Life is proposing changes to its membership rules, giving one member one vote and changing how directors are elected but increasing the number of members needed to call an EGM.

The move follows criticism of Standard over its membership rules after it fought off a demutualisation campaign last year. The last revision of rules took place in April 1994.

It is proposing to introduce a system of one vote for each eligible member. Standard currently has 62,000 members who have more than one vote arising from holding joint policies.

More controversially, Standard also suggests an increase in the number of members required to call a company meeting to 1,000 from 50.

Standard says this is more proportionate to its 2.4 million members and will the limit the potential for a small group to cause the firm to incur costs involved with such meetings.

The proposals also suggest a new system for electing directors. The current system has been criticised as as undemocratic.

These changes would mean that members can vote on each candidate proposed and the board will be filled by candidates with the highest number of votes. Details of the proposals will be sent out in advance of Standard&#39s AGM in April 2002, with voting to take place at the meeting.

Ronnie Sloan, a consulting actuary who stood for the board this year, says: “It is important that draft proposals are released shortly as otherwise there will be no opportunity for interested parties to have any input.

“While these are obviously steps in the right direction, Standard still falls short on accountability.”

Carpetbagger Fred Woollard says: “Raising the number of members to 1,000 does not present an insurmountable obstacle. The company does have a strong anti-democratic bias. Members should look at the proposals very carefully before voting.”

Recommended

A currency For the world

Our concern for the increase in terrorism across the world should force us to examine areas of causation other than the traditional ones of states or other groups out to achieve particular ends.One such area of neglect is the international financial system from which criminal activity is often fostered.It should be salutary at this stage […]

Match point

I am now reaching the end of this discussion of some of the main objective and subjective considerations in the calculation of a transfer value from a preserved defined-benefit pension. Particularly, over the past few weeks, I have concentrated on the impact these considerations have on an analysis as to whether or not a client […]

Barclays biggest loser of current accounts

Barclays has been the biggest victim of current account losses according to reports in a national newspaper.Independent research carried out by pollster Mori reveals that more people are closing accounts at Barclays than opening them. The bank&#39s net share of the 700,000 people who switched accounts in the year to end June 2001 left it […]

Survey shows reasons for trading endowments

Changing financial circumstances and switching from an endowment mortgage are the two main reasons for selling endowment policies, a survey shows.The survey, of 594 consumers, conducted for Surrenda-link by Earsandeyes Global Online Research, showed that 41 per cent of people cited changes in financial circumstances as the most likely reason for selling an endowment.Surrenda-link marketing […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com