Standard Life chief gives up bonuses

The chief executive of Standard Life insurance company has turned down more than £500,000 in bonuses.

Sandy Crombie made the move to appease policyholders, who have seen returns from their savings plans tumble.

Crombie is giving up both his annual performance bonus and a cash payment from the society’s “long term incentive plan”.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

Email(Required)

OptOut

From time to time, we will send you emails about selected products, events and services from Personnel Today - but you can choose to opt-out at any time. If you do not wish to receive these emails, please tick this box.

Name

This field is for validation purposes and should be left unchanged.

Δ

He said: “Without question, 2004 was one of the toughest years in Standard Life’s history.

“I hope members will accept my decision relating to reward as a principled decision in respect of the past as well as an expression of my confidence in the future.”