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| RBS board face angry shareholders | |
| (31 minutes later) | |
| Royal Bank of Scotland has faced calls from angry shareholders at its annual meeting in Edinburgh for its entire previous board to be jailed. | |
| Investors criticised former boss Sir Fred Goodwin's £703,000 pension, and other past decisions made by the bank. | |
| Current chairman Sir Philip Hampton asked for an "end to the public flogging" over its past mistakes. | |
| He has also repeated his request for Sir Fred to consider voluntarily reducing his pension. | He has also repeated his request for Sir Fred to consider voluntarily reducing his pension. |
| Shareholder John Waterson accused former directors of being "collectively responsible for what has happened to this wonderful, great company", after the bank had to be rescued by the government last year. | |
| All of those board members should be in jail, he said. | |
| His call was met by applause from the audience. | |
| On their way into the meeting one 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 one 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 said: "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 said: "I think they [the board] should be left alone to get on with it, we need banks to live." |
| FROM THE TODAY PROGRAMME More from Today programme | FROM THE TODAY PROGRAMME More from Today programme |
| Shareholders are due to vote on the bank's remuneration report, which outlines directors' pay. | |
| They will also be told that more redundancies are expected worldwide, although it is too early to say how many jobs will go or where the cuts will be made. | They will also be told that more redundancies are expected worldwide, although it is too early to say how many jobs will go or where the cuts will be made. |
| The bank has already announced 2,700 job cuts. | The bank has already announced 2,700 job cuts. |
| Public backlash | Public backlash |
| Former RBS chief executive Sir Fred Goodwin resigned in October after the government rescue, but was still given a £703,000-a-year pension - a decision which led to widespread outrage. | |
| A government agency, as majority shareholder with a 68% stake in the bank, will register the public's anger at the pension awarded by voting against the bank's remuneration report. | A government agency, as majority shareholder with a 68% stake in the bank, will register the public's anger at the pension awarded by voting against the bank's remuneration report. |
| However, RBS does not have to accept shareholders' demands when they vote. | However, RBS does not have to accept shareholders' demands when they vote. |
| The negotiations between Sir Philip Hampton and Sir Fred Goodwin over Sir Fred's sensational pension deal have descended into near farce BBC business editor Robert Peston Read Robert Peston's blog | The negotiations between Sir Philip Hampton and Sir Fred Goodwin over Sir Fred's sensational pension deal have descended into near farce BBC business editor Robert Peston Read Robert Peston's blog |
| Sir Philip Hampton told the BBC he was prepared for a major protest vote. | Sir Philip Hampton told the BBC he was prepared for a major protest vote. |
| "I absolutely understand why shareholders have voted against it," he said. "It is overwhelmingly because [of] the concerns about Fred Goodwin's pension." | "I absolutely understand why shareholders have voted against it," he said. "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." |
| However, despite the chairman's request for Sir Fred to voluntarily give up some of his pension, the BBC's business editor Robert Peston says he is unlikely to do so. | However, despite the chairman's request for Sir Fred to voluntarily give up some of his pension, the BBC's business editor Robert Peston says he is unlikely to do so. |
| Although Sir Fred has said he would consider this, he is yet to take any action, presumably, Mr Peston says, because he has calculated that his reputation has already been so damaged that the gesture would make little difference. | Although Sir Fred has said he would consider this, he is yet to take any action, presumably, Mr Peston says, because he has calculated that his reputation has already been so damaged that the gesture would make little difference. |
| Blame game | Blame game |
| 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. |
| 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 |
| Sir Philip blamed RBS's difficulties on its acquisition of the Dutch bank ABN Amro in 2007. | Sir Philip blamed 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. |
| The bank's new bosses are hoping to create a "firebreak" between a disastrous recent past and their plans to help RBS back into profit. | The bank's new bosses are hoping 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 |