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Sir Fred rejects pension cut calls

Apr 3 2009

Former Royal Bank of Scotland boss Sir Fred Goodwin has rejected calls for a "voluntary reduction" in his £703,000-a-year pension.

It comes as angry shareholders overwhelmingly voted against the bank's remuneration report in protest at the former chief executive's package.

The vote, at the RBS group's annual general meeting in Edinburgh, is not legally binding and has no impact on Sir Fred's pension.

Sir Fred is understood to have told the bank he would not hand back any of the pension, despite earlier assurances from the bank's chairman that he was thinking about whether to make a reduction.

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