In a landslide result yesterday, 98% of Standard Life's members voted 'yes' to de-multualise and become a Public Limited Company.
1,545,324 votes were cast and only 2% (32,474) said no. The process will now move to the Scottish Courts for formal approval before people receive any windfall payments.
Our view
De-mutualisation will give Standard the financial stability it needs to develop in the ever increasing competitive financial services market. It will assist them in their ability to react to markets, raise capital when needed and much more.
The downside is the board will have to answer to its shareholders.