The Financial Services Authority was accused of hypocrisy yesterday after it emerged that it had blocked an attempt last April by institutional investors in Royal Bank of Scotland to vote against Sir Fred Goodwin, then the chief executive, The Times reports.
An FSA veto of a proposal to put all RBS directors up for re-election ensured that Sir Fred did not have to stand. He went on to run RBS for another six months, qualifying for the controversial doubling of his pension into the bargain. A senior institutional investor said that the affair needed to be made public given the attack this week by Hector Sants, the FSA chief executive, who criticised institutions and non-executive directors for failing to hold bank executives to account. "When we tried to hold individual directors to account last April, the FSA intervened to prevent it," the ...
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