Summary
IN ITS latest annual report and accounts, Standard Life now claims it wants to pay its top executives according to one simple principle. "Remuneration, " it pledges, after an in-depth review of how its goes about incentivising its senior people, "should reward outstanding performance that benefits policy holders but not pay out when performance is poor."
What might that principle have meant, in practice, over the past three years, when 2.4 million Standard Life with-profits policy holders watched their bonuses cut six times in all?See the full content of this document
Extract
A Saga of Pious Promises and Executive Largesse
Might it have eased the pain of the 83-per cent of the million- plus Standard policy holders, hoping the shrinking proceeds (down by a half, in some cases, since 2002) might actually pay off their mortgages but now nursing redlined warnings that it will take improbable investment returns from here on in if that's to happen?
Over those t...See the full content of this document
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