RBS

Banks Claims Group Limited, FCA and RBS

Neil Mitchell, who ran Torex Retail before he blew the whistle on an earlier fraud at the software company and RBS’s Global Restructuring Group took control of the business, has applied for a judicial review of a UK Financial Conduct Authority decision in July that its options for taking action were “limited”. Neil, who claims to represent 530 complainants affected by alleged wrongdoing at GRG, alleges in his judicial review application that the FCA has been “unlawfully refusing or failing” to ...

Lax Regulation (Globo, GRG) and Japanese Trust AGM

Globo was one of those AIM companies that turned out to be a complete fraud. Back in December 2015 the Financial Reporting Council (FRC) announced an investigation into the audits of the company by Grant Thornton (GT). Even the cash reported on the balance sheet in the consolidated accounts of the parent company proved to be non-existent (or had been stolen perhaps). I have previously complained about the slow progress and the lack of any information on this investigation. But former shareholders ... Read more

RBS AGM result and subsequent publicity

Paul Jackson wrote an in-depth analysis of the RBS Shareholder Committee campaign and the issues raised in the prestigious Investors Chronicle, 22 June 2018 issue, which is read by tens of thousands of investors. We are grateful to Paul and Investors Chronicle for giving us permission to reproduce this article. Click here: https://www.sharesoc.org/blog/shareholder-democracy/whose-company-is-it-anyway/ RBS AGM Result - Shareholder Committee Vote – We did well but it was a wasted opportunity UKGI Votes were 75.3% of those cast. So their vote decided the outcome. 7.8% of ...

Whose company is it anyway?

Paul Jackson wrote an in-depth analysis of the RBS Shareholder Committee campaign and the issues raised in the prestigious Investors Chronicle, 22 June 2018 issue, which is read by tens of thousands of investors. We are grateful to Paul and Investors Chronicle for giving us permission to reproduce this article. A rather strange thing happened at the RBS annual general meeting at the end of last month. UK Government Investments (UKGI) used its 70 per cent stake to help scupper a resolution ...

Access to Placings for Individual Investors

The FT, 7 June, publishes ShareSoc and the UK Shareholders' Association joint letter about placings which exclude individual investors. We continue to urge all companies and their brokers and Nomads to allow individual shareholders to participate in placings. The letter focussed on the recent placing by UKGI of RBS shares and was written by Cliff Weight and Peter Parry. It said: It is a public disgrace that individual investors have been excluded from the placing by UK Government Investments Limited ("UKGI") of RBS ...

RBS Sale and Blackrock Smaller Companies AGM

The Government is selling off another tranche of its holding in the Royal Bank of Scotland (RBS). By selling another 8% it will reduce its holding to 62% of the company. The Government (or “taxpayers” as some described them) will face a loss of about £2 billion on what it originally paid for the shares. There were howls of protest from some politicians. John McDonnell, shadow chancellor, said “There is no economic justification for this sell-off of RBS shares. There should ...

RBS AGM Voting Recommendations, Remuneration and Campaign Update

ShareSoc recommend voting FOR the Shareholder Committee Resolution 27 and AGAINST Resolution 2, the Remuneration Report at the RBS AGM, which will be held on 30 May at 2pm in Edinburgh. After two years of hard work, we are delighted to report that the RBS Board agreed to put our shareholder resolution for a Shareholder Committee on the AGM Agenda. The Shareholders Circular contains our item for discussion and resolution for a Shareholder Committee and the Board's Statement in response on pages ...

RBS, Shareholder Committees, LTIPs and Weir

It is good news that the Royal Bank of Scotland (RBS) have accepted a requisition for a resolution on a Shareholder Committee at their forthcoming AGM. ShareSoc and UKSA, who jointly promoted this under the leadership of Cliff Weight have issued a press release confirming the resolution has finally been accepted after some legal evasions to try and avoid it. Shareholder Committees are a way to improve corporate governance at companies and ensure that the views of shareholders (and potentially other stakeholders) ...

RBS Confirms Shareholder Committee Resolution will be put to AGM Vote

Press Release 102 - Joint Press Release from UKSA and ShareSoc RBS Confirms Shareholder Committee Resolution will be put to AGM Vote * RBS has accepted our requisition of a Shareholder Resolution. There will be a debate and vote on the establishment of a shareholder committee at the May 2018 RBS AGM. * Opportunity for RBS to lead UK plc in the first establishment of a formal shareholder committee. Sweden has 20+ years of positive experience with shareholder committees; lessons can be learned from ...

RBS Shareholder Committee: We’ve (almost) won!

Great news from RBS! RBS have agreed to have our resolution put to the AGM. UNFORTUNATELY, they will only agree to this, if the resolution is a SPECIAL Resolution rather than an ordinary one. That means that we will have to resubmit our requisitions for the special resolution. So, if you own RBS shares, please complete the new Special Resolution Requisition form, which you can download from the ShareSoc website, click here. Getting the shareholder resolution on the RBS AGM agenda is a huge ...