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Sir Fred Goodwin rejects calls for pension reduction

Sir Fred Goodwin has today rejected new calls for a reduction in his £700,000 a year pension after shareholders unanimously voted against the RBS remuneration report. While the vote by shareholders is not legally binding and cannot directly affect the pension paid out to Sir Fred Goodwin, it has given shareholders the opportunity to express their anger.

Ahead of today's AGM it was suggested that Sir Fred Goodwin was actually considering a potential voluntary reduction in his pension however hopes disappeared today. The Royal Bank of Scotland has become a focal point for the anger targeted at the UK banking sector and Sir Fred Goodwin has taken significant flak over the last few months. While the company has moved ahead since Sir Fred Goodwin's time there was significant focus on the past even though current directors were trying to look to the future.

Even though it seems inevitable that Sir Fred Goodwin will not voluntarily give up any of his pension fund, this is unlikely to be end of a concerted campaign against a person who was one of the U.K.'s most prominent and successful bankers. Oh how times have changed in the UK banking sector, especially for Sir Fred Goodwin!

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