I had spotted a rather subtle but meaningful change in the remuneration policy at Standard life laxst year when the new guy took over, which appears to be a little to juicy for the ABI and PIRC on the grounds of over-generosity as well as best practice divergence.
This ties back into the vesting criteria for their LTIP package, which has shifted from the conventional RoEV-type measures back to the more easily explained (and some would say manipulated) IFRS number.
The angle for corporate governance and Solvency II is the way in which the IFRS result is down for scrutiny (in order to ensure that it hasn't been attained by excessive risk taking); namely the remuneration committee.
Whilst the awards have 2 year clawback provisions, and the remuneration committee will have the advice of the risk committee when deliberating, it smacks a little of an executive that is maybe struggling to communicate the Embedded Value story to the institutions (affecting support for share price), so has therefore gone back to basics.
Interesting to see how it materialises, and indeed how many other EU listed entities try something similar before Solvency II goes live!
An online repository for Solvency II, ERM and Corporate Governance material and comment from the Principal of Governance Matters, an independent Risk Consultancy firm based on the Isle of Man.
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