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 – 3, 6 – 27, and 29 – 30 at the company’s Annual General Meeting (AGM) on 29 April 2020. UKGI did not register a vote on Resolutions 4 and 5 following the RBS Board’s decision to cancel the final ordinary and special dividend payments in relation to the 2019 financial year and not submit them for approval to the AGM, in response to a formal request from the Prudential Regulatory Authority. In line with appropriate and previous practice, UKGI also did not register a vote on Resolution 28 (the renewal of the authority for RBS to buyback shares from HM Treasury). These votes were lodged in line with the Financial Reporting Council’s UK Stewardship Code, the government Shareholding Memorandum of Understanding between HM Treasury and UKGI and the UKGI Framework Agreement with HM Treasury.
Notes to Editors
UKGI is the government’s centre of excellence in corporate finance and corporate governance. It provides expert advice and leading solutions that inform and translate government’s decisions into effective outcomes in the national interest.
UKGI prepares and executes all significant corporate asset sales by the UK government, advises on major corporate finance matters including all major UK government financial interventions into corporate structures and on major UK government corporate finance negotiations, and acts as shareholder for, and leads the establishment of, UK government arm’s length bodies.
UKGI is owned by HM Treasury and independently managed with a Board comprised predominantly of independent non-executive directors. UKGI works closely with both the private and public sectors, advising and interacting with ministers, Parliament and Whitehall departments.
For further information:
Citigate Dewe Rogerson: Toby Moore, Andrew Hey, Jos Bieneman – 0207 638 9571