The remuneration committee of Standard Life Aberdeen PLC reduced the total compensation of CEO Keith Skeoch for 2018 to £1.1 million from £2.9 million a year earlier, as the British company saw a year-over-year surge in net outflows.

Former co-CEO Martin Gilbert also had his total 2018 compensation slashed to £1.1 million, having pocketed £1.3 million in 2017. Gilbert is now the company's vice chairman after the firm scrapped its controversial co-CEO leadership in March.

The company noted that Gilbert's bonus was cut to 350% from 600% of the base salary, which will continue to be £600,000 following his appointment as vice chairman. He will also continue to be part of the incentive compensation plan, which fell by 45% on average for U.K.-based employees.

The committee said it cut the incentive-based pay for the executives after a disappointing result in 2018, shrinking the awards to 50% of the total outcome.