Standard Life executive Begbie off-loads incentive shares to scoop £1m

Standard Life director Sandy Begbie has sold share options worth almost £1 million.

The Edinburgh insurance giant’s people and operations director picked up off-loaded the 195,116 shares he acquired under a three-year long-term incentive plan award that vested last week.

The sale comes a week after chief executive David Nish, investment chief Keith Skeoch and UK director Paul Matthews received close to £10m worth of shares after long-term incentive plans vested.

All of Mr Begbie’s shares were sold at just under £4.80, raising more than £936,000.

They were awarded two years ago as the deferred element of Mr Begbie’s 2012 bonus also vested last week.

Of the 50,045 shares vesting, 23,581 were sold at £4.795 to cover a tax liability of more than £113,000, but the balance of 26,464 shares, worth £126,500 at last night’s closing price, was retained.

Mr Begbie’s total holding now stands at 95,499 shares with a value of more than £456,000.