(June 27 – 17:25 ET) – The Financial Times reports that Standard Life will remain mutual, after winning its policyholder vote.
Europe’s biggest mutual life insurance firm held a vote on demutualization that garnered 45.7% support. Fred Woollard, a Monaco-based activist who led the push for demutualization, wanted 75% support for the effort to go ahead. The firm’s management ardently defended the firm’s mutual status in the face of a worldwide trend toward insurers going public.
Woollard stuck to his promise to abide by the vote. The newspaper quotes him saying, “The game’s over. If someone else wants to try, good luck to them. I’m disappointed but not surprised given the firepower against us.”
Standard Life executives said the fight taught them a lesson in effective policyholder communication, and that it will review all the issues raised by the battle.
Stewart Stevenson, founder of the Standard Life Independent Members Organisation, a pro-mutuality group was quoted saying, “The sun is shining on the righteous, but the days of one cup of coffee and a plate of biscuits at the AGM are over — the membership have all engaged.”