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Private shareholders requisition AGM resolution at RBS
Over 100 shareholders in the Royal Bank of Scotland (RBS), supported and coordinated by ShareSoc and UKSA, have requisitioned a resolution to install a new "Shareholder Committee" at the company that could include representatives of retail investors.
There is evidence of a continuing breakdown in the corporate governance of UK public listed companies, underlined in the Government Green Paper published in November. Most large shareholders are intermediaries who tend to act in their own interests and not those of the ultimate beneficial owners (i.e. the people they represent). This proposal is a step towards changing that. Press Release.
UKSA has been a persistent supporter of the principle of shareholder committees. As far back as 2003 we published an exposition of the problems of the modern corporate environment, and a possible solution here. A similar proposal was put forward in March 2009 in a Protection of Shareholders Bill prepared by UKSA and sponsored by Bill Cash M.P. Press release: here. More information: here. Text of bill: here.