Standard Life holds first AGM after flotation

Insurance giant Standard Life holds its first annual general meeting as a public company today.

The savings and pension business floated last July, ending 80 years as a mutually-owned company.

Directors can point to healthy results since the historic move, with share price up nearly 50% since last summer.

For the year ended December 2006, operating profit before tax rose by 55% to £614m (€907m) compared to the previous 12 months.

And performance into this year has also been strong, with funds under management at March 31, 2007 up 10% to £42.4bn (€62.6bn).

At today’s AGM in Edinburgh, shareholders will vote to adopt the 2006 Report and Accounts, approve directors remuneration and the make-up of the board of directors.

The meeting will be the last with Brian Stewart as chairman.

He will retire from the board later today, ending his three years as head of the group.

Stewart will be replaced by current deputy chairman Gerry Grimstone.

Members of the Amicus union will stage a protest outside the AGM, complaining about pension cuts and lack of union recognition.

Standard Life customers and policyholders voted 98% in favour of a stock market flotation during a special general meeting in May last year.

Stewart promised policyholders going public was in the best interests of members and customers, vowing: “We will be as committed as a plc as a mutually-owned company.”

Two months later, the business floated during what was the London Stock Exchange’s biggest ever Initial Public Offering (IPO).

The shares opened at 230p, valuing the group at £4.65bn (€6.7bn) and giving around 2.4 million policyholders an average share windfall of £1,475 (€2,200).

Yesterday the shares were priced at around 340p.