Annual Financial Report

RNS Number : 1184E

Standard Life plc

01 April 2011

 



Standard Life plc

Annual Financial Report and Notice of AGM

In compliance with Disclosure and Transparency Rule 4.1.3, Standard Life plc ('the Company') confirms that the Annual Report and Accounts 2010 and the Summary Financial Report 2010 are available at www.standardlife.com/reporting

The mailing to shareholders of the Annual Report and Accounts 2010 or the Summary Financial Report 2010 and the AGM documents has commenced.

In compliance with Listing Rule 9.6.1, the Company confirms that copies of the following documents have been submitted to the UK Listing Authority's Document Viewing Facility, via the National Storage Mechanism ('NSM'):

- Annual Report and Accounts 2010

- Summary Financial Report 2010

- AGM Guide (including Notice of Meeting)

The documents will shortly be available for inspection at www.Hemscott.com/nsm.do

At the Company's Annual General Meeting ('AGM') due to be held on 17 May 2011, it is proposed that the Company adopts new Articles of Association.  Details of the principal proposed changes are set out on page 22 of the AGM Guide.  A copy of the draft amended Articles of Association of the Company showing all proposed changes compared to the existing Articles of Association will also be available for inspection during normal business hours from Monday to Friday (excluding public holidays) at both Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH and at the offices of the Company's solicitors, Slaughter and May, One Bunhill Row, London EC1Y 8YY.

In accordance with Disclosure and Transparency Rule 6.1.2, a copy of the draft Articles of Association of the Company showing the amendments to be proposed at the AGM has also been lodged with the NSM.

The Company announced its full year results on 10 March 2011.  That announcement included a condensed set of financial statements as well as a Business Review which contained a description of the current relevant legislative and regulatory initiatives and key risks facing the Group.  It also contained an indication of important events that occurred during the year.

To comply with Disclosure and Transparency Rule 6.3.5, the related party transactions note, and the Directors' responsibility statement, extracted in full unedited text from the Annual Report and Accounts 2010, are shown below.  Page references in the text refer to page numbers in the Annual Report and Accounts 2010.

48.       Related party transactions

(a)        Transactions with/from and balances from/(to) related parties

In the normal course of business, the Group enters into transactions with related parties that relate to insurance and investment management business. 

Transactions with related parties carried out by the Group during the year were as follows:

	2010	2009
	£m	£m
Sale to:
Associates	17,340	11,607
Joint ventures	32	2
	17,372	11,609
Purchase from:
Associates	18,052	10,907
Joint ventures	19	100
	18,071	11,007

Transactions with associates shown above relate primarily to the sales and purchase of holdings in investment funds managed by the Group.

The year end balances arising from transactions carried out by the Group with related parties are as follows:

	2010	2009
	£m	£m
Due from related parties:
Joint ventures	74	100
	74	100

In addition to the amounts shown above, the Group's defined benefit pension schemes have assets of £655m (2009: £528m) invested in investment vehicles managed by the Group.

(b)       Compensation of key management personnel

Key management personnel comprise 21 people (2009: 19 people) within the Group, including all Directors, both executive and non-executive and the direct reports of the position of Chief Executive. Detailed disclosures of Directors' remuneration for the year and transactions in which the Directors are interested are contained within the audited section of the Directors' remuneration report on pages 72 to 85.

The summary of compensation of key management personnel is as follows:

	2010	2009
	£m	£m
Salaries and other short-term employee benefits	10	9
Post-employment benefits	-	1
Termination benefits	1	1
Share-based payments	2	1
Total compensation of key management personnel	13	12

(c)        Transactions with/from and balances from/(to) key management personnel

The detailed disclosures of transactions incurred by the Group with key management personnel during the year and year end balances arising from such transactions are contained within the audited section of the Directors' remuneration report on pages 72 to 85.

All transactions between the key management and the Group during the year are on commercial terms which are equivalent to those available to all employees of the Group.

During the year to 31 December 2010, the key management personnel contributed £1.9m (2009: £11.1m) to products sold by the Group. 

Directors' responsibility statement

Each of the Directors, whose names and functions are listed in the Board of Directors section on pages 48 to 49 confirms that, to the best of his or her knowledge and belief:

1.         The Group financial statements, which have been prepared in accordance with International Financial Reporting Standards as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit of the Group, and

2.         The Business review, which is incorporated into the Directors' report, includes the information required by DTR 4.1.8 and DTR 4.1.9, namely a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties it faces.

By order of the Board

Gerry Grimstone                                                    Jackie Hunt

Chairman                                                                Chief Financial Officer

10 March 2011                                                         10 March 2011

1 April 2011

Enquiries:

Kenneth Gilmour, Group Secretariat 0131 245 0751

Duncan Heath, Investor Relations 0131 245 4742

Barry Cameron, Media Relations 0131 245 6165

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