RBS shareholders vote down remuneration report
More than 90 per cent of Royal Bank of Scotland (RBS) shareholders voted against its remuneration report today (3 April) at the bank's annual general meeting (AGM).
Shareholders gathered in Edinburgh at 1pm today to vote on the bank’s remuneration report, which included a vote to pay former chief executive Sir Fred Goodwin his £16.9m pension, as well as payouts to executive directors.
An RBS spokeswoman said 90.42 per cent of shareholders voted down the remuneration report, adding that this was the first time this had ever happened at the bank.
However, Sir Fred is an advisory note, which means that the board does not have to amend his pay arrangements.
Although the shareholders vote may have no impact on Sir Fred's pension, the vote down on the remuneration report was another demonstration of shareholder anger over the size of banking executives pay. (See related article.)
Earlier today, chairman of RBS Philip Hampton said he would "leave no stone un-turned" to see whether from a legal point of view, Sir Fred's pension pay-out can be sustained.
