(August 16 -10:45 ET) – The demutualization battle at Standard Life may be set to flare up again.
The Financial Times reports that Gordon Hart, a Scottish businessman who has been involved in several demutualization campaigns met with Standard Life executives yesterday. Hart reportedly left the cordial meeting to “formulate a plan for the future”, although he didn’t present demutualization resolutions to the firm, nor is he willing to say that he will start another demutualization battle at the firm.
Earlier this year, the Scottish insurer spent £10 million to beat back at attempt to force demutualization spearheaded by Fred Woollard, a Monaco-based gadfly, who pledged to leave the issue alone once he was defeated. Demutualization garnered 47.5% support among policy holders at the time, far short of the 7 5% needed.
Standard Life declined Hart’s request for financial support for a Members Rights Campaign among the insurer’s policyholders. The firm said, “Encouraging any group to start another expensive process to consider demutualization by offering financial support would not, in the board’s opinion, be in the interests of the company.” It said it would not accept board nominations from the MRC, nor will it permit the MRC to mail material to its policyholders.
-IE Staff