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”.

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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.”