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The Actuary The magazine of the Institute & Faculty of Actuaries

98% say yes to Standard demutualisation

Saddam Hussein might have been proud of the very positive vote by Standard Life’s with-profits policyholders in favour of the demutualisation of the company at a special general meeting in Edinburgh on 31 May.

If the demutualisation is completed, it will return Standard to the status it enjoyed for the first hundred years of the existence of the company before it became a mutual in the 1920s. The fact that over 1.5m out of a possible 2.4m customers voted in favour meant that Standard Life’s plans enjoyed the backing of an absolute majority. This is likely to have helped subsequent court approval.

Standard chairman Sir Brian Stewart said: ‘We are delighted with this outcome. We have a clear and emphatic vote of confidence in our proposal to demutualise and float on the London Stock Exchange, and this decision is an excellent outcome for the future of Standard Life.

‘Today’s result is historic, but we still have work to do. On 15 June we plan to mail members, customers, and employees with details of our preferential offer, if they are eligible. All of this will culminate with our proposed flotation in July when we expect Standard Life plc to list on the London Stock Exchange. As I have said throughout this process, we believe this outcome is in the best interests of members, policyholders, and our business.’