Standard Life's Skeoch faces shareholder revolt over pay package

Shareholders voted at latest AGM

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...