UKGI statement re: RBS Annual General Meeting (AGM)
UK Government Investments (UKGI), which manages the government’s shareholding in the Royal Bank of Scotland (RBS), has lodged votes in favour of Resolutions 1 – 26 and against Resolution 27 at the company’s Annual General Meeting on 30 May 2018. These votes were lodged in line with the Financial Reporting Council’s UK Stewardship Code, the government Shareholding Memorandum of Understanding between HMT and UKGI and the UKGI Framework Agreement. UKGI voted against Resolution 27 because it determined that the creation of an RBS Shareholder Committee was not compatible with its mandate to protect and realise value for taxpayers from the sale of the government’s RBS shares.
Notes to Editors
For further information:
UKGI: Josh Coe – 0207 215 4787
Citigate Dewe Rogerson: Andrew Hey, Toby Moore, Jos Bieneman, Elizabeth Kittle – 0207 638 9571
About UK Government Investments (‘UKGI’)
Established in 2016, UKGI is a company owned by HM Treasury and independently managed with a Board comprised predominantly of independent Non-Executive Directors. It combines the former Shareholder Executive and UK Financial Investments. Working with a range of government departments across Whitehall and operating at the boundary of the public and private sectors, UKGI’s role is to provide government with a centre of excellence in corporate finance and corporate governance.
While broad in scope and diversity, UKGI’s work covers three principal areas:
It acts as shareholder, representing government’s interests in the stewardship of over twenty arms-length organisations and assets, ensuring their good governance, scrutinising their performance and looking to optimise their value and operational efficiency on behalf of the taxpayer. It does all of this in line with its Principles of Portfolio Governance, which set the standard for the governance of assets in the public sector;
It continuously reviews the feasibility of and alternatives for optimising the monetisation of those government assets held for disposal, going on to prepare and execute all of government’s significant corporate and financial asset sales;
It advises government on its financial interventions into corporate structures resulting from corporate or sectoral distress and other special situations and on government’s major negotiations with corporates.