May 14, 2019 / 4:15 PM / 10 days ago

Standard Life Aberdeen shareholders revolt over finance chief's pay

LONDON, May 14 (Reuters) - More than 40% of shareholders in Standard Life Aberdeen (SLA) voted against the company’s pay report at its annual general meeting on Tuesday, which SLA said was due to concern about its new chief financial officer’s (CFO) pay.

SLA hired Stephanie Bruce from PwC in March on a basic salary of 525,000 pounds ($678,250). She is due to join the Scottish asset manager on June 1. Her predecessor, Bill Rattray, had a basic salary of 450,000 pounds.

The pay report won 58% of shareholders’ votes, SLA said in a statement.

The company said it was “aware that certain institutional shareholders were not supportive of specific aspects of the arrangements relating to the remuneration of the incoming CFO”.

“Taking account of shareholder feedback and in agreement with the incoming CFO, we have applied performance conditions to the award,” SLA said.

$1 = 0.7741 pounds Reporting by Carolyn Cohn; Editing by Mark Potter

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