Standard Life policyholders have voted overwhelmingly for demutualisation, securing 98 per cent of member votes for the resolution.
Of all the votes cast, 1,545,314 voted yes while 32,474, only 2 per cent, voted no. This marks the end of Standard Life’s 81 year-old history as a mutual.
The resolution was verified at the special general meeting held in Edinburgh but must now be approved by the Scottish courts.
In closing the meeting, Standard Life group chairman Sir Brian Stewart said: “This is a clear emphatic vote, it is forward looking, a platform for the future success of the business.”