Ex-finance director costs Standard Life £1.3m

by Gill Montia

Story link: Ex-finance director costs Standard Life £1.3m

Standard Life has paid over £1.3 million to settle a legal dispute with its former finance director, Alison Reed.

Ms Reed left her post last year after working for the insurer for two years.

According to the company’s annual report and accounts, she collected an agreed payment of £1,135,000, which included £97,500 towards her legal fees.

In 2005 Standard Life demutualised and Ms Reed was appointed to help the business through this process. However, she resigned four months after the company floated on the London Stock Exchange.

The report reveals that Standard’s chief executive, Sandy Crombie, received an annual bonus of £708,000 on top of his basic salary of £725,000, taking his total remuneration for 2007 to £1.64 million.

Mr Crombie also collected a cash bonus of £670,000 pertaining to his performance during the two years before the London listing.