Standard Life Drums Up Support
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Europe's largest life assurer, Standard Life has confirmed that fewer than half its members support plans to demutualise next year. A survey last month, found that the company would have trouble meeting the 75% target required at next years annual meeting. The Edinburgh based mutual has 2.6 members eligible to vote. 46% would support the motion, with 22% opposing. Significantly 34% are undecided. The mutual was keen to stress that it is still early in the demutualisation process. Additionally, since the first survey the percentage supporting the move has increased. To drum up support, the senior management have embarked on a series of roadshows to sell it to members. Chief Executive, Sandy Crombie and Chairman, Sir Brian Stewart addressed the meeting. Mr Crombie was brought during a tussle with regulators about solvency. The result was a cut in policy bonuses, job cuts and a forced sale of billions of pounds of equities.
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