Same old RBS crap! Extra-ordinary resolution at an AGM or EGM please!

Well it seems that the gun-to-the-head bully-boy tactics of the investment banking community have returned again.
Using the same old scare-mongering tactics - out best and brightest need to be paid this in order to stay.

As I've mentioned before this is nonsense and the response 'give us what we want or we'll quit', a grown up version of the 'I'm going home and I'm taking my ball with me' schoolboy tantrum really does show the character of the people we are dealling with here.
Firstly, I am not convinced how best and bright the shining stars of RBS are - could the job be done equally well by someone considerably cheaper? I suspect so.
I've gone into this in more detail elsewhere, but it is not at all clear that a biblical-style exodus of these city-stars would follow - is there really capacity in the city to take on so many very expensive bankers in the other banks.
I say call their bluff

Besides - are these the same chaps who dug their previous graves that the government had to provide them a ladder for? Perhaps they would be better off gone??

But this is not the point of the post
Its the management's response that is most rediculous in all this. Why not put it to a vote at the AGM (or EGM if necessary) as an extra-ordinary resolution?
Extra-ordinary resolutions require 75% of the vote. Now UK Financial Investments (ie the tax payer owns 68% of RBS, meaning only a further 7% of shareholders PRESENT at the AGM would have to vote against the bonus.
If the management team were really interested in all the shareholders they would take this route - a perfectly democratic way and, in my opinion, more than generous.

The problem is that the management team appear not to consider the government as real shareholders. Partly because real shareholder rarely question the management of such companies.

Even if the management team are not willing, given the UKFI holds >10% of the shares, they could demand an EGM with the above tabled

The government really needs to show some back-bone here. It is well within its power to stop this.

A final note is that this is another illustration as to why the retail and financial markets part of RBS need to broken up.

Come on UKFI - this is your time to shine - there's a way through this but you need to show some teeth and stand up to these bullys!

Show your support - sign the petition: No ifs no buts