Standard Life Plc said Chief Executive Officer Keith Skeoch volunteered to reduce his bonus ahead of the Scottish insurer and asset manager’s annual general meeting next week.
Skeoch, who was promoted to CEO in August, will receive a long-term bonus of 2.8 million pounds ($4.1 million), or four times his 700,000-pound-per-year base salary, instead of the maximum 500 percent of his salary, according to a company filing Wednesday. The AGM is being held in London on May 17.
“Keith takes governance and stewardship very seriously and he has actively listened to the general market sentiment expressed over recent weeks towards executive remuneration,” Standard Life said in a separate statement.
Investors in British companies from BP Plc to Anglo American Plc have rebelled against multimillion-pound CEO pay packages this year, echoing the “shareholder spring” of 2012 that led to the departure of executives at firms including Aviva Plc, one of Standard Life’s insurance rivals.
Skeoch’s promotion from leading the company’s investment arm resulted in a 200,000-pound raise, according to the company’s annual report. His remuneration also includes a short-term bonus of 175 percent of salary, or 1.23 million pounds.