UK - Standard Life is set to modernise its regulations to better reflect the size of the pensions provider.
The insurer aims to increase the number of members needed to call a special general meeting from 50 to 1000, implement a new system for electing directors and to simplify multiple vote provisions.
The changes would also allow requests for a special general meeting to be rejected if the proposed issues are repeated within a three year period.
Standard Life chairman John Trott said: “We believe that the proposals will help the company run more smoothly – ultimately to benefit our members. We hope that they support the changes. The proposals and voting papers are now being mailed to members in advance of our AGM when the result of the vote will be announced.”
The proposals require approval of 75% of those voting and the result will be announced at the annual general meeting on April 30.
Independent actuary, Ronnie Sloan's general view of the proposed new regulations is that they are a considerable improvement over the existing ones. The major plus point is the new director election procedure. Also, the higher hurdles for calling an SGM (1,000 members) and for nominating a director candidate (250 members) are perfectly acceptable. However, having gone through all 48 pages of the full document, he has listed as many as 36 points for comment.
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