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Friday, 25th July 2008

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Outgoing Standard Life chief leaves with £1.6m



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STANDARD Life is to pay performance bonuses worth more than £1 million to outgoing senior executive Trevor Matthews.
The head of the company's UK life and pensions business announced earlier this week that he is to leave the firm to become chief executive of rival Friends Provident.

But the bonuses on top of his salary are expected to mean he will leave the job with a financial package worth about £1.6 million.

Mr Matthews received a "golden hello" payment of £1.2m when he joined Standard from Manulife in Australia in 2004.

He received a £426,000 annual bonus in 2006 in addition to a salary of £505,000 and a one-off payment of £322,000, which was also related to his "signing-on fee".

As well as the bonus and salary, he also stands to make £475,000 from a separate three-year long-term incentive plan.

A spokesman for Standard Life said: "Trevor was a part of the team which delivered our strong performance in 2007 and is contractually entitled to bonus awards which reflect this."



The full article contains 188 words and appears in Edinburgh Evening News newspaper.
Page 1 of 1

  • Last Updated: 01 February 2008 11:02 AM
  • Source: Edinburgh Evening News
  • Location: Edinburgh
  • Related Topics: Standard Life
 
1

Active Sassenach,

Luton, England 02/02/2008 16:45:23
Trevor Matthews has gone to work for a competitor of his own free will. He ought to sell out his Standard Life shares and forego his options at the price to which they have fallen as a result of his performance as its Chief Executive. Also, he would be in conflict of interest at FP.

Regrettably Trevor Matthews must understand that losing the benefits associated with a job from which he has resigned is a hazard of life. He should not be paid a bean to move. If he is contractually entitled to £1.6 million for chucking his job, Standard Life should sack its employment lawyers.

It is by no means clear that Standard Life's shareholders, and certainly not its policyholders, would recognise the 'performance' to which this 'contractual entitlement' relates. Matthews has unilaterally repudiated the 'entitlement' it seems to me.

 

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