RBS shareholders to voice their anger

Beleaguered Royal Bank of Scotland shareholders will voice their fury after a catastrophic year for the bank at its annual meeting today.

RBS has posted the biggest UK loss in corporate history – £24.1bn (€26.35bn) – and is now majority-owned by the UK taxpayer after a £20bn (€21.9bn) bailout last October.

The British taxpayer’s 70% share will be formally confirmed at a separate meeting today, although this may rise as high as 95% after a deal to dump more than £300bn (€328bn) in “toxic” assets into a taxpayer-backed insurance scheme.

For normal investors, the business of the meeting is all but irrelevant as the major decisions have already been taken by UK Financial Investments, the body which manages the public stakes in the bank.

At today’s annual meeting in Edinburgh, shareholders will have the chance, however, to voice their anger at the dilution of their stake and question the current management team on the progress made in repairing the damage.

This was caused by bad debt charges of £7bn (€7.65bn) and a £16.2bn (€17.7bn) writedown on its disastrous acquisition of Dutch bank ABN Amro in 2007 and its US operations.

Earlier this week, UKFI said it would register a protest vote against former chief executive Fred Goodwin’s hugely controversial £703,000 (£768,500) pension at the meeting.

More in this Section

Munster is the location of choice for those in the Life Sciences sectorMunster is the location of choice for those in the Life Sciences sector

Johnson Controls puts diversity and inclusion firmly in spotlight Johnson Controls puts diversity and inclusion firmly in spotlight

Building a food industry that is the gold standardBuilding a food industry that is the gold standard

Any Brexit deal will hit every part of NI’s ‘weak’ economy, warns business lobbyAny Brexit deal will hit every part of NI’s ‘weak’ economy, warns business lobby


Lifestyle

Sexual politics, snideput-downs and family rivalries are fuelling the trouble brewing in a small Midlands town.Charlie Murphy and Pat Shortt star in new Irish film 'Dark lies the Island'

Robert Hume tells of the eccentric MP for Athboy, Co. Meath – born 300 years ago this month – who thought he was a teapot, and was afraid his spout might break off.A strange brew of a man: The MP for Meath who believed he was a teapot

Ladysbridge and District Flower and Garden Club will meet on Monday at 8pm in Garryvoe Hotel.Gardening Notes: Your one-stop guide to the week's events

Don’t forget to lavish roses with the attention they deserve this winter, urges Hannah StephensonDon’t forget to lavish roses with the attention they deserve this winter

More From The Irish Examiner