McEwan’s turnaround plan wins backing of RBS shareholders

Tim Wallace
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INVESTORS overwhelmingly backed RBS chief Ross McEwan’s plans at his first annual general meeting at the top yesterday.

More than 99 per cent backed the remuneration report, the remuneration policy and the re-election of McEwan to the board.

Other banks had seen substantial rebellions this year, making RBS stand out for the high degree of support among investors – led by the government which used its 81 per cent stake to vote in favour of the motions.

In a speech to investors, McEwan promised to keep cutting costs to return the bank to profitability.

“Nowhere is the change in customer need more evident than with our branch network,” he said.

“The truth is that some branches hardly see a customer, which is why we are taking tough decisions about closing some, and sometimes making staff redundant (although that is always a last resort).”

RBS’ shares ended the day down 1.4 per cent.