THE TELEGRAPH: Royal Bank of Scotland's shareholders have emphatically rejected the £700,003 annual pension awarded to former chief Sir Fred Goodwin at a tense meeting in Edinburgh.
About 90pc of the beleaguered bank's shareholders voted against its renumeration report, including UK Financial Investments, which manages the taxpayers' majority stake.
Sir Fred was fired in the Autumn as RBS was forced to go cap-in-hand to the taxpayer for billions as financial markets and the economy soured. Sir Philip Hampton, the bank's new chairman, said that the pension plan is legally stipulated by Sir Fred's contract but no "stone is being left unturned' to see if it can be overturned. >>> By Jamie Dunkley and Peter Taylor in Edinburgh | Friday, April 3, 2009
