RBS board contrition

Published on Sunday 30 November 2008 19:59

Sadly, I was not able to travel to Edinburgh to witness Fred Goodwin and Tom McKillop, nor to hear their combined longoverdue apology to shareholders and in particular staff, past and present, at the Royal Bank of Scotland. It would have been helpful had such contrition been televised.

That said, had I been there, I too would have "snorted with derision" (your report, 21 November) in hearing Tom McKillop stating that "at all times we have sought to ensure that the best interests of shareholders have been protected".

If that is true, then Fred Goodwin, Tom McKillop and the rest of the board are incompetent and not fit for office, let alone their obscene bonuses.

To illustrate my point, in early 1971, I purchased my first RBS shares at 27p and sold them in November that same year at 43p per share. Last week, almost 37 years to the day since that sale, I could have bought that same share for 42p.

Now if that is the RBSG board's collective view of adding shareholder value, then not one is fit for office.

I wish Stephen Hester well, and for all interested parties – the UK Exchequer, Scotland plc, shareholders and staff – it is important to draw a line under events and start again. I would suggest that start should be made with some serious cutting of dead wood across the boardroom.

IAN STEWART

Idrigill

Uig, Isle of Skye