Sandy Crombie, chief executive of Standard Life, and John Hylands, the finance director, have both turned down their bonuses believed to be worth more than £500,000. They decided not to accept a performance-related annual or a long-term bonus because 'the actions they had taken to restore profitability were not yet evident'
The announcement of the executives' decision came at the same time as the life office reported that their funds under management were now over £100 billion.
Our view
This is an unusual yet welcome move. Both will be applauded and criticised depending upon which camp you are in. Our view is they have made a stand and good on them.