Policyholder fails to get on Standard Life board
A Standard Life policyholder failed today in his bid to be elected to the company’s board ahead of its planned demutualisation next year.
Former investment banker Michael Hogan was backed by almost 67,000 members of Europe’s largest mutual assurer after he called for the company to introduce greater transparency.
Another rebel candidate, policyholder David Stonebanks, stood for election to the six-man board but was endorsed by only around 23,400 members.
Both men would have required more than 200,000 votes to win a place on the board when the results were announced today at the company’s AGM in Edinburgh.
Standard Life group chief executive Sandy Crombie told the meeting of around 2,000 policyholders that the company has had to endure some difficulties since early last year.
But looking to the future, he said: “All that we have done has been to create value for the members.
“Ultimately, I hope we will be able to crystallise and allocate that value to members through the demutualisation process. It has been painful but it is designed to create value for our members.”
