(Alliance News) - Standard Life Aberdeen PLC said on Thursday good progress has been made in talks with shareholders following dissent over remuneration.
During May's annual general meeting, some 42% of voting shareholders had rejected the approval of the investment manager's remuneration report.
In September, the Edinburgh-based firm appointed Jonathan Asquith as a non-executive and chair of the remuneration committee, and since then, the former Schroders PLC finance chief has been meeting with shareholders.
He has had 11 meetings so far, Standard Life Aberdeen said, with another five scheduled before the end of 2019.
Points covered include the issue leading some shareholders to reject the remuneration report, which were agreed to be one-off and unlikely to be repeated. The main issue, Standard Life Aberdeen said in May, was a sign-on bonus for then-incoming Chief Financial Officer Stephanie Bruce.
Following talks with shareholders, Standard Life Aberdeen applied performance conditions to the sign-on bonus for Bruce.
"The reason we made this award was to allow us to attract a talented senior executive from outside of the investment management industry who was previously remunerated on a comparatively consistent annual reward package, without the significant deferral arrangements we apply," said the firm in May.
"The consultation meetings are proving valuable and positive. As well as the issues noted, they are providing a useful opportunity to explore other features of the company's current remuneration structure and remuneration strategy in general," said Standard Life Aberdeen on Thursday.
"To ensure the company continues to respond to the views of shareholders on remuneration matters, Jonathan will bring the outputs from the current meetings to the next meeting of the remuneration committee in early December."
"They will also form a key part of the committee's continuing discussions on both the future approach to executive director remuneration and wider remuneration philosophy and practices across the company," it continued.
Shares were 1.0% higher on Thursday morning in London at 311.50 pence each.
By George Collard; georgecollard@alliancenews.com
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