This blog gives you the latest topical news plus some informal comments on them from ShareSoc’s directors and other contributors. These are the personal comments of the authors and not necessarily the considered views of ShareSoc. The writers may hold shares in the companies mentioned. You can add your own comments on the blog posts, but note that ShareSoc reserves the right to remove or edit comments where they are inappropriate or defamatory.

RBS Snub to Chris Philp MP and next steps

Gavin Palmer was at the Tory Party Conference and in discussion with Chris Philp, MP, where it emerged that Chris had written three times to RBS asking Sir Howard Davies, RBS Chairman why they were objecting to our shareholder resolution for a Shareholder Committee. Regular readers will be aware that it was Chris who wrote an excellent paper covering Shareholder Committees in September 2016 which received wide publicity. See http://highpaycentre.org/files/HPC_42_WEB_amend_-_Restoring_Responsible_Ownership.pdf

Despite Chris’ best efforts, RBS rebuffed his questions and refused to share their legal reasons with him.

So much for democracy! It is even worse when one realises that RBS is 73% owned by the Government (via UKFI), but seemingly is unaccountable to its shareholders, politicians or the general public.

ShareSoc (and UKSA) are planning to submit another Shareholder Resolution to the 2018 RBS AGM. The Chris Philp story is yet another reason for doing so. We will be writing with more details, probably in November.

Cliff Weight
RBS Shareholder Committee Campaign Co-Ordinator.

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