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”.
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.”