Standard Life Aberdeen (SLA) faced a siginifcant rebellion from shareholders over director pay at it annual general meeting.
The company's remuneration plan was narrowly approved, with 58% of the votes cast in favour of the proposal.
SLA’s board said it recognises ‘the percentage of votes cast against this resolution’. It added that it understood the opposition is mainly related to big investors opposing the pay of the new chief financial officer Stephanie Bruce, who joined from PwC.
‘Through engagement, we were aware that certain institutional shareholders were not supportive of specific aspects of the arrangements relating to the remuneration of the incoming chief financial officer, as disclosed in the directors' remuneration report.
‘As previously announced, taking account of shareholder feedback and in agreement with the incoming chief financial officer, we have applied performance conditions to the award,’ the board said in a statement.
For 2019, SLA’s new chief financial officer Bruce is set to be paid £525,000, a one-off share award worth £750,000 and the opportunity to participate in the executive incentive plan which could see a maximum bonus of 350% salary depending on certain performance.
SLA’s chief executive Keith Skeoch (pictured) will see his salary stay at £600,000. Martin Gilbert who is stepping down as joint chief executive to become vice chairman will also receive a salary of £600,000.