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 28 at the company’s Annual General Meeting (AGM) on 25 April 2019.
UKGI did not vote on Resolution 27. 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 28 because, in line with its position at the last AGM, 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. UKGI will continue to encourage RBS to take all appropriate actions to engage with shareholders through an active and transparent dialogue.
Notes to Editors
For further information:
UKGI: Kim Regisford, +44 (0)207 215 0611
Citigate Dewe Rogerson: Andrew Hey, Toby Moore, +44 (0)207 638 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 the government with a centre of excellence in corporate finance and corporate governance.