ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • India
    • Economy
    • Politics
    • Markets
  • World
    • Economy
    • Politics
    • Markets
  • Companies
    • Auto
    • Banking & Financial Services
    • Pharma
    • Energy
    • Infrastructure
    • Media
    • IT
    • Telecom
    • Consumer Products
    • Aviation
    • FMCG
  • Personal Finance
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
  • Mutual Funds
  • Technology
  • Automobile
    • Cars
    • Bikes
  • Small Business
    • SME
    • Startups
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
    • AUTHORS
Home » World News

Small RBS investors renew push to set up shareholder committee

  • Twitter
  • Facebook
  • GPlus
Updated: Fri, Dec 29, 2017
05:50 am
Reuters
RELATED NEWS
West Bengal planning to expand eNAM network West Bengal planning to expand eNAM network
Tripartite meeting fails to end Bengal's jute sector impasse Tripartite meeting fails to end Bengal's jute sector impasse
L&T distances itself from Cognizant's Indian bribery case L&T distances itself from Cognizant's Indian bribery case
Maharashtra to move planned Saudi Aramco refinery after farmers protest Maharashtra to move planned Saudi Aramco refinery after farmers protest
Govt should provide financial support to facilitate major 5G trials in India: COAI Govt should provide financial support to facilitate major 5G trials in India: COAI

Small investors in Royal Bank of Scotland are launching a second attempt to force the state-backed lender to set up a shareholder committee to improve corporate governance after a first bid failed earlier this year.

ShareSoc and the UK Shareholders` Association (UKSA) said they had organised more than 100 investors to put forward a proposal for consideration at RBS` annual general meeting (AGM) next year calling for the creation of a committee that includes shareholder representatives.

The aim of the committee is to improve investor engagement at the lender, the two investor groups said, criticising what they described as "the informal nature" of the bank`s current deliberations with shareholders.

It comes after ShareSoc and UKSA, which both represent individual investors, failed to have a similar plan included at the lender`s last AGM in May after RBS concluded that it was "inconsistent with the law and the company`s constitution".

The RBS board will now have to decide whether to include the new proposal at the next meeting, where it would then be voted on by shareholders. ShareSoc said it was "confident that RBS will be obliged to put the resolution to the AGM".

The British government would need to back the resolution for it to be passed in a shareholder vote because it still holds more than 70 percent of RBS.

The government became the biggest shareholder in RBS following the bank`s 45.5 billion-pound ($61 billion) bailout at the height of the financial crisis.

That rescue inflicted heavy losses on some RBS investors.

Since then, the lender has become embroiled in other controversies, including resolving claims in the United States that it mis-sold mortgage-backed securities that were at the heart of the crisis. Dealing with various litigation and misconduct issues has cost it billions of pounds.

"Shareholders, including individuals, deserve a new approach; one with greater involvement and more effective input from them as ultimate owner," said Mark Northway, the chairman of ShareSoc. "RBS, given its incredibly poor track record and consequent taxpayer support, should now be leading from the front in governance matters."

In 2016 the lender, led by Chief Executive Ross McEwan, suffered its ninth straight annual loss, bringing its total losses since 2008 to more than 58 billion pounds.

An RBS spokesman said: "Whilst it is of course the role of the company directors to represent shareholders, we will review any proposal that is submitted and make our response clear in due course."

($1 = 0.7439 pounds)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

TAGS:
Economy
RELATED NEWS
West Bengal planning to expand eNAM network West Bengal planning to expand eNAM network
Tripartite meeting fails to end Bengal's jute sector impasse Tripartite meeting fails to end Bengal's jute sector impasse
L&T distances itself from Cognizant's Indian bribery case L&T distances itself from Cognizant's Indian bribery case
Maharashtra to move planned Saudi Aramco refinery after farmers protest Maharashtra to move planned Saudi Aramco refinery after farmers protest
Govt should provide financial support to facilitate major 5G trials in India: COAI Govt should provide financial support to facilitate major 5G trials in India: COAI

LATEST NEWS

Fake Rs 100, Rs 200, Rs 500, Rs 2000? You can identify real notes in just 3 steps; here is how

LIC launches Micro Bachat plan with assured sum of Rs 2 lakh: Check benefits

Stock Market Live: Sensex, Nifty pare early gains on the sell-off in IT, telecom stock

Warren Buffett's top 5 investment tips to become rich fast

UPSC Civil Services 2019 Online application process begins

Edelweiss Tokio Life Insurance launches its TV commercials directed by noted Bollywood director Shoojit Sircar

SBI, Indian Railways job aspirants alert! Don't want to lose money? Avoid this

Pickyourtrail receives USD 3 million series 'A' funding

Global Stock Markets: World indices climb two and half month high on strong global sentiments

MWC 2019: OnePlus, Samsung, Xiaomi - This is what you may get from top smartphone brands

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • Amazon Prime Day
  • Income Tax
  • Bharti Airtel
  • NPA
  • Home Loan

Trending Topics

  • Farm Loans
  • 7th Pay Commission
  • Sanitary Pads
  • National Stock Exchange
  • GST

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved