RBS

RBS, Akzo Nobel and Hornby

Post Date: May 10, 2017

The Royal Bank of Scotland (RBS) AGM is tomorrow and it will be interesting to see what excuses the board of directors give for rejecting the requisition of a resolution to establish a Shareholder Committee. ShareSoc believes the rejection has no sound legal basis and ShareSoc directors will raise this issue at the meeting. Another similar case is that of Akzo Nobel in Holland where Elliott Advisors have been pushing the board to consider a takeover offer from US company PPG Industries. ...

Banks and Bank Credit Card Accounting

Post Date: May 2, 2017

It's going to be exciting week next week for RBS and Lloyds Bank shareholders with both AGMs on Thursday in Scotland - we expect to issue a report on events. Indeed it's going to be an exciting period ahead because the law suits by those investors in the RBS rights issue who have not yet settled, and an action over the takeover of HBOS by LloydsTSB, are both getting into court in the next few months. Having Fred Goodwin on the witness ...

RBS AGM Voting Recommendations

Post Date: April 11, 2017

ShareSoc has today issued the following press release giving voting recommendations for the Annual General Meeting of the Royal Bank of Scotland (RBS): ShareSoc recommends voting against the following resolutions at the Annual General Meeting (AGM) of RBS: 2 Remuneration Policy, 3 Remuneration Report, 4 Chairman Howard Davies, 12 NED Penny Hughes and 24 General Meetings at 14 day notice. RBS have continued to resist our request for a shareholders’ resolution to be put to the AGM for the establishment of a Shareholder ...

FT Article on RBS and Shareholder Committees

Post Date: April 2, 2017

The Financial Times have published an article under the headline "Investors fight RBS snub to shareholder committee move". It covers the battle by ShareSoc to get the Royal Bank of Scotland to accept a resolution for their AGM to appoint a Shareholder Committee. See the ShareSoc campaign web page here for more explanation of the benefits of such a Committee and how RBS are currently thwarting shareholder democracy: https://www.sharesoc.org/campaigns/rbs/. One of the supporters of this concept to improve corporate governance and reign in ...

RBS and Shareholder Committees

Post Date: February 16, 2017

As readers may be aware, ShareSoc have requisitioned a resolution for the Royal Bank of Scotland's (RBS) Annual General Meeting requiring a Shareholder Committee be appointed. Do they need one? The directors of RBS clearly think not. For those readers who do live or work in London, you may find an article published yesterday (15/2/2017) in the London Evening Standard giving an overview of the major UK banks revealing. The article was written by Simon English and was headlined "End of the ...

RBS Rejects Democracy

Post Date: February 1, 2017

ShareSoc has today issued the following press release: The Royal Bank of Scotland (RBS) has rejected a requisition to implement a Shareholder Committee. ShareSoc will not permit this unreasonable...

New Year Resolutions? How About a New Resolution at RBS?

Post Date: December 30, 2016

One of ShareSoc's recent initiatives has been the promotion of the concept of Shareholder Committees as a way of improving corporate governance in public companies. To pursue this agenda we have today submitted a requisition for a resolution to be added to the Annual General Meeting of the Royal Bank of Scotland (RBS). A summary of what it said is given below (the full press release is here: https://www.sharesoc.org/pr85-rbs-shareholder-committee.html ): RBS Shareholders Demand Shareholder Committee (A joint press release on behalf of Private ...

Fenner AGM Requisition. Why Is It Not a Good Idea?

Post Date: December 23, 2016

Fenner Plc (FENR) are the subject of a requisition of a resolution to appoint another director at their forthcoming Annual General Meeting on 11th January. ShareSoc is particularly interested in requisitioned resolutions at present because we are trying to get one added to the Royal Bank of Scotland AGM (see www.sharesoc.org/campaigns/rbs/). In the case of Fenner, activist Swiss investor Teleios Capital Partners have put forward the requisition, with the support of a number of other investors. Teleios hold over 5% and have ...

Campaign to Obtain Shareholder Committee at RBS

Post Date: December 14, 2016

This note has been issued by ShareSoc to its Members (but anyone can join in to support the campaign): ShareSoc has advocated the implementation of Shareholder Committees since our...

RBS Settlement Announced – But Why Has the FCA Done Nothing?

Post Date: December 5, 2016

The Royal Bank of Scotland (RBS) have announced a settlement of the litigation over the rights issue in 2008 with three out of the five investor groups who were pursuing the company. They have reserved £800 million to settle all the claims and are continuing to negotiate with the remaining litigants. But private investors may be reluctant to settle because of the high legal costs that will erode any settlement, the low value of the settlement (the claims were originally estimated ...

RBS and Pre-Packs

Post Date: June 12, 2016

The FT carried a story on Saturday (11/6/2016) which was a blast from the past. It reported that Neil Mitchell, a former CEO of Torex Retail, had filed a claim in the high court against Royal Bank of Scotland (RBS), Cerberus and KPMG in relation to the sale of the company at the time it went into Administration. This case goes back to 2007 when Torex Retail got into financial difficulties after some fraudulent accounting came to light (which resulted in subsequent ...

More Bad News for Banks and their Investors

Post Date: January 30, 2016

If there are any private investors still invested in major UK listed banks, last week (w/e 30/1/2016) was yet another for disillusionment. In the Financial Times, Lex hit the nail on the head when he said "The one-offs keep on coming. If one did not know better, one might suspect them of being two-, three-, or more-offs". He was referring to Royal Bank of Scotland (RBS), but other banks likewise posted bad news during the week. Let's take them in turn: RBS ...

RBS

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