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FSA blocked RBS revolt against Goodwin, says Times

The FSA blocked an attempt by revolting shareholders to vote off former chief executive Sir Fred Goodwin from the board, according to the Times.

The newspaper says it has evidence to prove that the regulator vetoed calls for a board re-election in April 2008 to keep stability at the ailing bank.

“When we tried to hold individual directors to account last April, the FSA intervened to prevent it,” a major shareholder told the Times.

RBS board members are re-elected every three years, so Goodwin was not up for re-election until 2010. But the paper says investors urged chairman Sir Tom McKillop to change the rules and re-elect the board annually after RBS entered into a £12bn rights issue.

In his speech earlier this week at the National Association of Pension Funds Investment Conference, FSA director Hector Sants said: “It remains fundamental that we recognise that firms’ senior management carry primary responsibility for their actions and their resulting consequences. This responsibility is also shared with non-executives, shareholders and auditors.”



Carry on cabby

Last week’s bank rate reduction and the onset of quantitative easing will increase conjecture as to when the mortgage industry will finally begin to see signs of recovery.

Time to stop the salami slicing on tax relief

Steve Webb  – Director of Policy and External Communications As the Autumn Statement approaches, Steve Webb calls for the Government to stop tinkering with tax relief. Twice a year, in the run-up to the Spring Budget and the Autumn Statement, we face a torrent of speculation as to what changes the Chancellor might make to […]


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