Sir Fred Goodwin will not be making a voluntary reduction in his £703,000-a-year pension despite a direct plea from the current chairman of RBS to yield to mounting public and political outrage over the size of his pay-off....RBS shareholders jeered and heckled the bank's current directors at the group's annual general meeting in Edinburgh yesterday.Earlier they had rejected the group's new remuneration report containing details of Sir Fred's controversial pension pot. It was opposed by 90.4 per cent of shareholders, the overwhelming majority of whom made up the Government's controlling stake in the group managed by UK Financial Investments, which voted against the report. The vote is advisory, and the defeat will have no impact on Sir Fred's pension deal.
Sir Fred Goodwin will not be making a voluntary reduction in his £703,000-a-year pension despite a direct plea from the current chairman of RBS to yield to mounting public and political outrage over the size of his pay-off.
...RBS shareholders jeered and heckled the bank's current directors at the group's annual general meeting in Edinburgh yesterday.
Earlier they had rejected the group's new remuneration report containing details of Sir Fred's controversial pension pot. It was opposed by 90.4 per cent of shareholders, the overwhelming majority of whom made up the Government's controlling stake in the group managed by UK Financial Investments, which voted against the report. The vote is advisory, and the defeat will have no impact on Sir Fred's pension deal.
Bank Medici, an Austria-based investment manager, said yesterday that its Herald fund, which was set up and started investing with Mr Madoff in February 2008, was bringing legal action against the bank after losing $2.1bn (£1.4bn) when the investment company run by the disgraced US financier collapsed earlier this year.
