Standard Life members have rejected cash windfalls and voted for the insurer to remain mutual, follo...
Standard Life members have rejected cash windfalls and voted for the insurer to remain mutual, following a special general meeting of members in Edinburgh.
Despite months of criticism over the way the company handled the resolution conversion, the Standard Life Members Action Group, led by Fred Woollard, failed to convince the insurer's membership that they would be better off if the company demutualised.
Of the 1.1 million votes that were cast, 54.3% voted against directing the board to take steps to demutualise with the carpet-baggers falling 30% short of the 75% they needed to pass the resolution.
Scott Bell, managing director at Standard Life, said: "Our members have endorsed the board's view that Standard Life should remain a mutual run for their benefit and the benefit of future generations."
But he added the insurer had learnt much from the experience.
"We must find ways of communicating more effectively with our members, and we must demonstrate more clearly how and why our mutual status delivers better returns to our members."
