COVERITLIVE.COM

12:12

Joanna Geary - Welcome to Times Online's liveblog coming to you from the Royal Bank of Scotland AGM in Edinburgh.

12:14

Joanna Geary - Our financial correspondent, Miles Costello, will be reporting on the latest action from inside the meeting.

12:15

Joanna Geary - We also welcome your thoughts on RBS, Sir Fred Goodwin, job cuts and directors pay.

12:16

Joanna Geary - Reports this morning have said that Fred Goodwin is considering a reduction in his £16.9 million pension: http://tinyurl.com/dz6pbo

12:17

Joanna Geary - However, we are now getting information that Sir Fred has denied that this is the case. More details will follow when we have them.

12:18

Joanna Geary - The AGM is due to start at 1pm which, technology permitting, is when we will be hearing from Miles.

12:20

Joanna Geary - It is expected that RBS will come under pressure from shareholders to explain why Colin Buchan, Archie Hunter and Joe McHale - three independent directors who presided over the bank's near-collapse - remain on the board: http://tinyurl.com/d9lrvs

12:22

Joanna Geary - Sir Philip Hampton, chairman of RBS, has also warned that the bank will add more job cuts to the 2,700 it has already announced.
He has also called for an end to the "public flogging" of the company: http://tinyurl.com/cwmhnn

12:23

Joanna Geary - You can also read Sir Philip Hampton's statement in full: http://tinyurl.com/czanke

12:25

Joanna Geary - Here are the top ten wrongs that led to the near-collapse of RBS: http://tinyurl.com/d9484r

12:37

Joanna Geary - So we want to know how you feel the future direction of RBS? Should directors involved in the bank's troubles be removed?

12:37

Joanna Geary - Do you work at RBS? How do you feel about the media and public attitude towards the bank? Is it fair?

12:43

Joanna Geary - I've had a phonecall from Miles, he is making his way through the protestors outside the convention centre.

12:43

[Comment From Lucia Adams]
I don't work in the City, but I have many friends who do. They are fed up with banker-bashing - not everyone who works in the City is responsible for the mess we're in now, yet as a group they are social pariahs

12:50

Joanna Geary - It is a shame that neither sides did themselves any justice during the G20 protests.

12:52

Miles Costello - Hello everyone. I think the meeting's about to begin. Quite a big turnout. I'd say at least 400 people are here.

12:53

Joanna Geary - Hello Miles! Glad you got there in one piece! I heard the flight was a bit delayed.

12:53

Joanna Geary - And that there were some protestors to get through?

12:53

Miles Costello -

Yes it was. Fog over both Edinburgh and London. But here now. About a dozen protestors yes.

12:54

[Comment From CMO]
Miles/Joanna, great initiative - look forward to seeing how this develops.

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