STANDARD LIFE MOVES TO BLOCK DEMUTUALISATION ATTEMPTS

UK-based mutual assurer Standard Life has tightened its rules for the calling of special meetings and given its board the power to veto “vexatious” proposals for such gatherings, in a bid to defend itself against the demutualisation attempts. At its AGM yesterday, the board won the backing of more than 80% of members for its comprehensive package of rule changes. The reforms include a requirement that the registered interest of at least 1,000 members be needed to call a special meeting, against just 50 prior to the vote. The measures also lifted from two to 250 the number of members required to nominate a board candidate. The package of reforms follow the Edinburgh-headquartered assurer’s successfully blocking of a demutualisation bid two years ago.