Standard Life's Skeoch faces shareholder revolt over pay package

Shareholders voted at latest AGM

Daniel Flynn
clock • 1 min read

Nearly a quarter of Standard Life's shareholders have voted against the firm's remuneration report at its AGM, despite chief executive Keith Skeoch offering to take a pay cut last week.

According to Reuters, Standard Life's chairman Gerry Grimstone said the company's move towards asset management and away from insurance has put more pressure on it to offer higher pay packages. "Pay is very high across financial services, all chairmen know that," he said. "We are looking at a globally competitive marketplace. "If London wants to be competitive as a global financial centre, it has to attract the best talent." Last week, Skeoch (pictured) volunteered to cut his own long-term incentive plan to a maximum 400% of salary from 500%, although shareholders had already voted...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Asset Managers

Should boutique asset managers care about corporate PR?

Should boutique asset managers care about corporate PR?

One in six set to disappear in next four years

Henry Adefope
clock 17 October 2023 • 4 min read
FCA to consult on amending regimes for alternative fund managers and retail funds

FCA to consult on amending regimes for alternative fund managers and retail funds

Three main priorities for reform

Valeria Martinez
clock 12 October 2023 • 3 min read
Woodford investors to vote in single class as scheme of arrangement vote delayed

Woodford investors to vote in single class as scheme of arrangement vote delayed

Sanction hearing 18 January

James Baxter-Derrington
clock 12 October 2023 • 3 min read
Trustpilot