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| RBS to face angry shareholders | |
| (10 minutes later) | |
| Royal Bank of Scotland shareholders arriving at the bank's annual meeting in Edinburgh have expressed their anger at its past and present directors. | Royal Bank of Scotland shareholders arriving at the bank's annual meeting in Edinburgh have expressed their anger at its past and present directors. |
| A number criticised former boss Sir Fred Goodwin's £703,000 pension, others the bank's past decisions. | A number criticised former boss Sir Fred Goodwin's £703,000 pension, others the bank's past decisions. |
| Current chairman Sir Philip Hampton will call for an "end to the public flogging" over its past mistakes. | Current chairman Sir Philip Hampton will call for an "end to the public flogging" over its past mistakes. |
| Sir Philip has also warned that more jobs will be shed worldwide, on top of the 2,700 cuts already announced. | Sir Philip has also warned that more jobs will be shed worldwide, on top of the 2,700 cuts already announced. |
| Andrew Kirkhope, from Hamilton, called for the bank's non-executive directors and auditors to be sacked. | |
| On their way into the meeting a couple told the BBC: "Mr Goodwin has a very nice pension. We are pensioners, we wouldn't mind a pension like he has, but we wouldn't have the guts to take it, not after what he has done." | On their way into the meeting a couple told the BBC: "Mr Goodwin has a very nice pension. We are pensioners, we wouldn't mind a pension like he has, but we wouldn't have the guts to take it, not after what he has done." |
| However another RBS investor, Nick Smith, told the BBC: "I think they [the board] should be left alone to get on with it, we need banks to live." | However another RBS investor, Nick Smith, told the BBC: "I think they [the board] should be left alone to get on with it, we need banks to live." |
| Blame game | Blame game |
| Sir Philip Hampton will tell shareholders at the meeting that more redundancies are expected, although it is too early to say how many jobs will go or where the cuts will be made. | Sir Philip Hampton will tell shareholders at the meeting that more redundancies are expected, although it is too early to say how many jobs will go or where the cuts will be made. |
| In February RBS reported it made a loss of £24.1bn in 2008 - the largest annual loss in UK corporate history. | In February RBS reported it made a loss of £24.1bn in 2008 - the largest annual loss in UK corporate history. |
| [Sir Philip's statement] represents a pretty comprehensive dumping on the previous directors of Royal Bank of Scotland BBC business editor Robert Peston Read Robert Peston's blog | [Sir Philip's statement] represents a pretty comprehensive dumping on the previous directors of Royal Bank of Scotland BBC business editor Robert Peston Read Robert Peston's blog |
| Following a huge input of taxpayer's money to rescue the bank, the government now owns a 68% stake in the lender. | Following a huge input of taxpayer's money to rescue the bank, the government now owns a 68% stake in the lender. |
| Sir Philip blames RBS's difficulties on its acquisition of the Dutch bank ABN Amro in 2007. | Sir Philip blames RBS's difficulties on its acquisition of the Dutch bank ABN Amro in 2007. |
| RBS had to write off £16.2bn last year because of previous acquisitions, most notably ABN Amro. | RBS had to write off £16.2bn last year because of previous acquisitions, most notably ABN Amro. |
| In some ways, Sir Philip Hampton's statement to Royal Bank of Scotland's shareholders will be a catalogue of what the bank did wrong, says the BBC's business editor Robert Peston. | In some ways, Sir Philip Hampton's statement to Royal Bank of Scotland's shareholders will be a catalogue of what the bank did wrong, says the BBC's business editor Robert Peston. |
| It represents a pretty comprehensive dumping on the previous directors, he adds. | It represents a pretty comprehensive dumping on the previous directors, he adds. |
| Public backlash | Public backlash |
| Former RBS chief executive Sir Fred Goodwin resigned in October after the bank needed a government rescue but was still given a £703,000-a-year pension - a decision which led to widespread outrage. | Former RBS chief executive Sir Fred Goodwin resigned in October after the bank needed a government rescue but was still given a £703,000-a-year pension - a decision which led to widespread outrage. |
| FROM THE TODAY PROGRAMME More from Today programme | FROM THE TODAY PROGRAMME More from Today programme |
| A government agency, as majority shareholder, will register the public's anger at the pension awarded. | A government agency, as majority shareholder, will register the public's anger at the pension awarded. |
| However, the bank does not have to accept shareholders' demands when they vote on its remuneration report. | However, the bank does not have to accept shareholders' demands when they vote on its remuneration report. |
| And Sir Philip is prepared for a major protest vote | And Sir Philip is prepared for a major protest vote |
| "I absolutely understand why shareholders have voted against it," he told the BBC. "It is overwhelmingly because [of] the concerns about Fred Goodwin's pension." | "I absolutely understand why shareholders have voted against it," he told the BBC. "It is overwhelmingly because [of] the concerns about Fred Goodwin's pension." |
| "Remuneration obviously has been a big issue. It's been addressed by the world leaders in the G20 in recent days." | "Remuneration obviously has been a big issue. It's been addressed by the world leaders in the G20 in recent days." |
| In a separate interview, he said Sir Fred was considering a voluntary reduction to his pension. | In a separate interview, he said Sir Fred was considering a voluntary reduction to his pension. |
| 'Firebreak' | 'Firebreak' |
| RBS has become the focus for public anger at the scale and expense of the finance sector's excess after Sir Fred presided over the bank's collapse and his settlement came to light. | RBS has become the focus for public anger at the scale and expense of the finance sector's excess after Sir Fred presided over the bank's collapse and his settlement came to light. |
| WHO IS SIR PHILIP HAMPTON? Chairman of Sainsbury since 2004Former finance director at Lloyds TSB, BT and British GasFormer chairman of UK Financial Investments - the company established by the government to manage its investments | WHO IS SIR PHILIP HAMPTON? Chairman of Sainsbury since 2004Former finance director at Lloyds TSB, BT and British GasFormer chairman of UK Financial Investments - the company established by the government to manage its investments |
| It is against this backdrop that the new team at the top will face shareholders later. | It is against this backdrop that the new team at the top will face shareholders later. |
| In addition to the row over pensions, shareholders may also register their unhappiness at the nearly £5m in equity which has been handed to Mr Hester. | In addition to the row over pensions, shareholders may also register their unhappiness at the nearly £5m in equity which has been handed to Mr Hester. |
| But none of this will change what has already been agreed. | But none of this will change what has already been agreed. |
| The bank's new bosses hope to create a "firebreak" between a disastrous recent past and their plans to help RBS back into profit. | The bank's new bosses hope to create a "firebreak" between a disastrous recent past and their plans to help RBS back into profit. |
| Michael Lamoureux, who founded the RBS shareholder action group, told the BBC the bank had perpetrated "the biggest crime in financial history in the UK" when it asked shareholders for an extra £12bn to shore up its finances last year. | Michael Lamoureux, who founded the RBS shareholder action group, told the BBC the bank had perpetrated "the biggest crime in financial history in the UK" when it asked shareholders for an extra £12bn to shore up its finances last year. |
| He said shareholders had been "grossly misled in the prospectus" and were being contacted about taking a class action against RBS. | He said shareholders had been "grossly misled in the prospectus" and were being contacted about taking a class action against RBS. |
| Are you an RBS shareholder? Will you be attending the AGM in Edinburgh? Please send us your comments using the form below: | Are you an RBS shareholder? Will you be attending the AGM in Edinburgh? Please send us your comments using the form below: |
| In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. | In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |