Annual Financial Report

RNS Number : 5822A

Standard Life plc

02 April 2012

 



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 2011 and the Summary Financial Report 2011 are available at www.standardlife.com/reporting

The mailing to shareholders of the Annual Report and Accounts 2011 or the Summary Financial Report 2011 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 2011

- Summary Financial Report 2011

- AGM Guide (including Notice of Meeting)

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

In compliance with Disclosure and Transparency Rule 6.1.2, the Company confirms that no changes have been proposed to the Company's Articles of Association.

The Company announced its full year results on 13 March 2012.  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 Rules 6.3.5 and 4.2.3, the related party transactions note, and the Directors' responsibility statement, extracted in full unedited text from the Annual Report and Accounts 2011, are shown below.

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:

	2011	2010
	£m	£m
Sale to:
Associates	8,397	17,340
Joint ventures	51	32
	8,448	17,372
Purchase from:
Associates	8,993	18,052
Joint ventures	24	19
	9,017	18,071

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:

	2011	2010
	£m	£m
Due from related parties:
Joint ventures	55	74
	55	74

In addition to the amounts shown above, the Group's defined benefit pension schemes have assets of £739m (2010: £655m) invested in investment vehicles managed by the Group.

(b)       Compensation of key management personnel

Key management personnel comprise 21 people (2010: 21 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.

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

	2011	2010
	£m	£m
Salaries and other short-term employee benefits	9	10
Post-employment benefits	3	-
Termination benefits	-	1
Share-based payments	4	2
Total compensation of key management personnel	16	13

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

All transactions between the key management and their close family members, 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 2011, the key management personnel and their close family members contributed £4.4m (2010: £1.9m) to products sold by the Group. 

Directors' responsibility statement

Each of the Directors, whose names and functions are listed in the Directors' report, 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.

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

13 March 2012                                                               13 March 2012

2 April 2012

Enquiries:

Kenneth Gilmour, Group Secretariat 0131 245 0751

Jakub Rosochowski, Investor Relations 0131 245 8028

Barry Cameron, Media Relations 0131 245 6165

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