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Royal Bank of Scotland shareholders urged to reject payment plans

The Royal Bank of Scotland's shareholders are being encouraged to reject soon to be presented pay proposals for the company's board of directors. The suggestion that their proposals should be rejected has come from corporate governance advisers PIRC with a number of concerns highlighted as the reasons behind their stance.

The main problem appears to be the massive pension which was paid to ex-chief executive Sir Fred Goodwin, with a suggestion that a significant slice of the pension was discretionary, and the fact it was taken at just 50 years old, was possibly against "good practice". This is the first real test the Royal Bank of Scotland board will face after the demise of the bank and the replacement of Sir Fred Goodwin as chief executive. The situation has been covered in great detail by the financial press although it would appear that some institutional investors are still unhappy at the way the bank is being run and a lack of immediate changes.

The outcome of the forthcoming shareholders vote could offer an indication of the future for other taxpayer controlled banking institutions. However, no matter what the outcome there is no doubt that shareholders are now more aware of their rights and the obligations of directors.

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