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Fury as Sir Fred keeps pension.

ROYAL Bank of Scotland shareholders reacted angrily after Sir Fred Goodwin refused to hand back any of his pounds 703,000 annual pension.

They delivered a stinging rebuke at the bank's annual general meeting by overwhelmingly voting down a remuneration report which included provision for the payout.

Shareholder Cornelius Cagney hit out at Sir Fred's "naked greed" following the meeting in Edinburgh.

"He was in a position of power and it's greed - naked greed," he said..

"They don't care about the ordinary person, you can say what you like, they don't even think about it." The vote is not legally binding and has no impact on Sir Fred's pension.

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

Sir Philip Hampton said he had asked Sir Fred about such a move only weeks ago and that the former boss was considering it.

Other shareholders reacted to Sir Fred's decision outside the Edinburgh International Conference Centre.

Garson Gillies backed any legal moves for the pension to be clawed back. But he thought that RBS should refuse to pay the pension and see if Sir Fred sued them for it.

RBS has posted the biggest UK loss in corporate history - pounds 24.1 billion - and is majority owned by the taxpayer after a pounds 20 billion payout last October..

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Title Annotation:Business
Publication:Birmingham Mail (England)
Date:Apr 4, 2009
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