Britain's largest mutual broke new ground this week. Standard Life, a venerable institution with 150,000 members in the Republic, became the first of the big boys to see off the carpetbaggers.

It would be nice to assert that Standard Life's members rejected the prospect of a windfall because they were swayed by the principle of mutuality and its benefits for members over the added pressures of public status and demanding shareholders taking a slice of the profits. Unfortunately, it seems more likely that an altogether more materialistic instinct was at play - money. While Fred Woollard, who led the campaign to end Standard Life's mutual status, played up the windfalls that might be made, the assurer ran an effective campaign, the central argument of which was that most members would receive a pittance in the event of demutualisation.

Having won the battle, it is now up to the management to prove that there is a longer-term benefit in sticking with mutuality. It should concentrate on this rather than making it more difficult for members to have their say.

Dominic Coyle can be contacted at dcoyle@irish-times.ie