30th May 2018 18:30
LONDON (Alliance News) - Royal Bank of Scotland, which is majority owned by UK government, said Wednesday that shareholders at its annual general meeting rejected a resolution to create a shareholder committee which would have increased investors' say over corporate governance at the bank.
UK Government Investments, the body that manages stakes in nationalised businesses, refused to back the special resolution which, among other things, would have given investors a greater say in issues such as executive pay at the bank.
More than 98% of votes were against the resolution.
"The board welcomes the overwhelming vote by shareholders on Resolution 27 to reject the resolution requisitioned to create a Shareholder Committee," the Edinburgh-based bank said.
"We will continue to actively engage with our shareholders, stakeholders and representative bodies, to ensure that we are aware of their views," RBS added.
All other resolutions put forward at the meeting were passed.
Shares in RBS closed down down 1.3% 276.47 pence each.
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