E top executives at Scottish life insurance business Standard Life have been rewarded with a combined pay packet worth £11.8m for 2012, according to figures released yesterday.
Chief executive David Nish walked away with more than £5m last year – up from £2.6m in 2011 – according to the company’s annual report.
Investments boss Keith Skeoch saw his pay rise 50 per cent to £4.3m, while chief financial officer Jackie Hunt took home £2.5m, up from £1.5m.
However, Standard Life is unlikely to face a backlash from investors after the company last month decided to pay a special dividend worth £302m following stellar year-end results. The shares have gained 58 per cent over the last year as Nish’s decision to move the company’s focus away from traditional life assurance products began to pay off.
Crawford Gillies, head of the remuneration committee, said he felt it “appropriate to award the executives close to the maximum payments under the annual bonus agreements” after the board exceeded targets set out in a long-term incentive plan set up in 2010.