Keith Skeoch voluntarily opted to take a bonus package worth 400% of his basic salary, rather than 500%, and urged his peers to take similar steps.
Standard Life said at the time of his appointment in June 2015 that Skeoch’s basic pay would be £700,000, plus a maximum bonus plan of 175% of his salary and 500% in a long-term incentive plan.
The decision to reduce his pay follows several shareholder revolts against senior pay rises.
Last month, 72% of shareholders at Weir Group rejected the company director’s pay policy, while more than a third of Citigroup’s shareholders voted against the bank’s executive pay packages for 2015. However, Co-operative’s chief executive asked for a pay cut last month.
Standard Life's chief executive, who is also a member of the FRC board, urged other chief executives to take similar steps.
“It was totally my decision, but maybe some of my counterparts should take similar steps,” he told the Financial Times.
“I’m trying to move Standard Life into its next phase and there is still a lot to do. I don’t want my remuneration to be the issue at all,” he added.
A Standard Life spokesperson said, “Keith takes governance and stewardship very seriously and he has actively listened to the general market sentiment expressed over recent weeks towards executive remuneration and he has decided this is the right thing to do.”