Pantomime by Abbey could have been the title of yesterday's shareholders meeting in London to rubber-stamp the deal with Banco Santander, but which gave smaller shareholders a chance to vent their anger.
The Daily Telegraph reports the company’s board was accused of selling out to a bunch of “shysters” embroiled in legal proceedings centred on allegations of helping clients engage in tax-evasion. One group of shareholders alleged the Spanish bank has hidden losses offshore. Demands these allegations be investigated before any deal is struck received a show of hands from the small shareholders present, but chairman Terence Burns was easily able to dismiss such calls with the backing of institutional proxy votes in favour of the deal. The FT quotes once shareholder saying he had “nev...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
