Standard Life says it will modernize and simplify its regulations.

Following direct feedback from members, a package of changes will be presented for members’ approval at the company’s annual general meeting in April 2002.

The proposed modernization of regulations will include: a complete redrafting and simplifying of company regulations in plain language; new system for the election of directors; an increase in the number of members required to call a meeting of the company from 50 to 1000; and the simplification of multiple vote provisions.

Commenting on the announcement, chairman John Trott said, “We have undertaken a number of initiatives to improve communications with our members since our 2000 AGM. These include the introduction of regular customer information updates, the establishment of member focus groups, and the redesign of the annual report and accounts and bonus statements.”

Standard Life has had to fend off several attempts by activist shareholders to force demutualization of the firm in recent years. “By updating our regulations in plain language and making communications improvements we feel we are adding further to our accountability to members. Our proposals will ensure that our members’ interests continue to be protected,” Trott said.

Full details will be sent to members in a mailing shortly before the AGM in April.