| Type | Public company |
|---|---|
| Traded as | LSE: SL. |
| Industry | Financial services |
| Founded | 1825 |
| Headquarters | Edinburgh, Scotland, UK |
| Key people | David Nish, CEO Gerry Grimstone, Chairman Keith Skeoch, CEO Standard Life Investments and Jackie Hunt, Group Finance Director |
| Revenue | £1,501 million (2010)[1] |
| Operating income | £425 million (2010)[1] |
| Net income | £336 million (2010)[1] |
| Employees | 10,500 (2007)[2] |
| Website | www.standardlife.com |
Standard Life plc (LSE: SL.) is a long term savings and investment business, with headquarters in Edinburgh and operations across the globe. It has 1.5 million shareholders in more than 50 countries and over 6 million customers.
Contents |
The Standard Life Assurance Company was established in 1825 and was reincorporated as a mutual assurance company in 1925.[3]
During the 19th century it opened offices in Canada, India, Shanghai and Uruguay.[3]
In 2006 demutualisation took place and the company was floated on the London Stock Exchange.[4]
Standard Life sold Standard Life Bank plc to Barclays plc in October 2009; the sale completed on 1 January 2010.[5]
The company operates in North America, Europe, India and China: it has a large operation in Scotland where it employs some 6,000 staff.[6]
Standard Life has been the subject of a number of controversies in recent years.
In January 2006, Standard Life were accused of smearing a policy-holder, Michael Hogan, who was not happy with the way the company was being run. An e-mail sent to Standard Life executives and advisors (which was disclosed under the Data Protection Act) revealed an attempt to discredit him.[7]
In January 2007, the head of Standard Life's life and pensions business, Trevor Matthews, used the phrase "nigger in the woodpile" while giving a presentation at one of the company's Edinburgh offices. After issuing an apology, Mr Matthews remained in his job and no disciplinary action was taken.[8]
In March 2007 the company announced it would cut 1,000 jobs in an attempt to save an additional £100 million per year in costs.[2] One month later it was highlighted in the company's annual report that three of Standard Life's top executives (Sandy Crombie, Keith Skeoch and Trevor Matthews) were awarded more than £5 million in pay.[9] A Standard Life spokesman defended the awards, citing the leadership's efforts in turning round the company's fortunes.[9]
In May 2007, Standard Life sent some policy documents out to the wrong customers. Around 300 people had their personal and financial details made public, causing fears of identity theft.[10] The company pledged to step up security procedures after the error. No action was taken by the FSA.[10]
|
||||||||||||||||