Standard Life chairman defends pay

THE chairman of city-based Standard Life has defended its boardroom pay deals following a shareholder protest.

Shareholders criticised the firm's "excessive" executive pay, which included awarding its chief executive a bonus of more than 1 million, but chairman Gerry Grimstone said without the level of pay it would be difficult to attract talent to the city.

The remuneration report showed chief executive David Nish received nearly 2m.

The rebellion at its annual meeting came after investor body Pirc advised its members to vote against the report.

A Standard Life spokesman said: "We are pleased that shareholders passed all the resolutions put in front of them."