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Standard seeks go-ahead for voting reforms

Standard Life is to ask members to approve a series of measures aimed at revamping the society&#39s regulations at its annual general meeting.

It is sending mailing packs to customers with the proposals, which include an increase in the number of members required to call a special general meeting to 1,000 from 50.

It also wants to boost the number of members required to nominate a candidate for election to the board from two to 250. It says this will impose a greater balance bet-ween democracy and the potential for a small group to cause it to incur significant costs. Standard has 2.4 million members.

Other plans include moving to a one member, one vote system as 62,000 members currently have more than one vote. There are also provisions to allow requests for a special general meeting to be rejected in particular circumstances.

These include if the business to be dealt with is the same or very similar to that which has been dealt with in the previous three years or is to be discussed at another general meeting to be held within three months.

Standard also wants to introduce a new system for the election of directors to give members longer to lodge nominations and the opportunity to vote on each candidate proposed.

To be passed, the propo-sals require the approval of 75 per cent of those voting.

Chairman John Trott says: “We believe the proposals will help the company run more smoothly, ultimately to benefit our members. We hope they will support the changes.”

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