FinancialAdvice.co.uk Logo

Qualified advisers answering your
Financial Questions
call 0800 092 1245

Did the FSA block a shareholder move to fire Sir Fred Goodwin?

The Times newspaper has today revealed details of what it claims is evidence that the FSA (the Financial Services Authority) effectively blocked a move by major shareholders in the Royal Bank of Scotland to have Sir Fred Goodwin removed from the board in April 2008. Those who have been following the Royal Bank of Scotland story will be aware that Sir Fred Goodwin received a pension which is rumoured to be in excess of £16 million (equating to around £700,000 a year) when he left the Group towards the end of 2008.



The unnamed sources in the financial markets are suggesting that major shareholders attempted to re-write the companies re-election rules which saw directors come up for renewal every three years. There had been a move in the offing to change this to annual but apparently this never reached the light of day due to the FSA allegedly intervening.



The suggestion is that the FSA intervened so as not to rock the boat with regards to the financial sector and cause further confusion at what was a difficult time for the industry. There are merits in both arguments but ultimately the move never went through and Sir Fred Goodwin received his pension which was apparently signed off by a representative of the UK government.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:



Latest News

Blogs

Helpful new tax year facts that could affect you and your money


Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.


Read more

Useful Links

Popular Searches

Please Enter More Details

 
Enter More Details
Continue