Shamed Fred Goodwin ‘acted as adviser to the Queen’

By TOM PETERKIN
Published on Sunday 5 February 2012 00:00

FRED Goodwin was acting as a “risk management” financial adviser to the Queen over a multi-million pound charity even after RBS had to be bailed out, Scotland on Sunday can reveal.

The disgraced banker only quit the post as a trustee of the Queen’s Silver Jubilee Trust as it became clear he was going to lose his knighthood.

The charity was set up by the Queen in 1976 to finance good works in the UK and elsewhere in the world. Goodwin became a trustee in 2004. As a trustee, one of Goodwin’s responsibilities was to review “risk management” of the charity.

Poor risk management was identified as one of the reasons that the RBS failed under Goodwin’s disastrous tenure and had to be bailed out with £45 billion of taxpayers’ cash.

A Buckingham Palace spokesman told Scotland on Sunday Goodwin’s resignation from the unpaid position was “prior” to his knighthood being removed by the Queen last week.

The Palace declined to say exactly when Goodwin stood down. But the charity’s annual accounts, which were updated just before Christmas last year, still listed Goodwin as a trustee – suggesting that he quit within the past few weeks.

In 2009, the furore over Goodwin’s mismanagement of RBS forced the 53-year-old to stand down as the head of the Prince’s Trust, which itself has strong links to the Silver Jubilee Trust.

His position as an adviser to the Silver Jubilee Trust continued after he resigned from the Prince’s Trust and was the last of his Royal connections.

Prince Charles appointed Goodwin to the Silver Jubilee Trust, which, according to its accounts, has £36.8 million in investments.

Yesterday politicians suggested that it would have been impossible for Goodwin to hang on as an advisor to the Queen’s charity after the humiliation of having his knighthood removed by her.

Pete Wishart, the SNP constitution spokesman, said: “I think a period of reflective silence from Fred Goodwin is entirely appropriate. This was the right course of action. It would have been untenable for him to hold a position of this nature given what happened last week.”

Goodwin was unavailable for comment.

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16

occupylink

Monday, February 6, 2012 at 02:30 PM

At least we in the Occupy Movement are bigger than this. Sir Fred was acting as a trustee, and as far as I can see, acted honestly in that capacity. It is pretty slimey that this newspaper and other members of the establishment including the current crop of corrupt bank executives are slighting Sir Fred. Why is this? Perhap it is to turn the eyes of the 99% away from the real evil of society - the huge bonuses being paid banking execs like Ellen Alemany of RBS, Jamie Dimon of Bank of America and Rich Ricci of Barclays. The bankers are still blaming Sir Fred now, even though he has been away from RBS for years, and the stock price has slipped to around half the government's buy in price - a price set well after Sir Fred left the Bank. Meanwhile these swells continue to rack up obscene payments running into the 10s of millions each. Sir Fred is a scapegoat here. We in Occupy know this. So do the 99%.

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15

vistaero

Sunday, February 5, 2012 at 06:54 PM

Why make an example of Fred Goodwin, what about Aberdeen Asset Managers, when they were known as ABTRUST, the large number of people that lost investments because they were gerrymandering shareholders shares, many people will remember the House of Commons inquiry into this, why has those that have Honours in Aberdeen Asset Managers not lost them, they were not incompetent like Fred, they were blatantly dishonest, incompetent and corrupt.

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14

ThomasRexCampbell

Sunday, February 5, 2012 at 04:17 PM

The headline is incorrect. The charity has (literally) nothing to do with the Queen personally. He was NEVER her "financial adviser". Bad reporting, skewed to refect an anti-Monarchy bias, and an old story at that. @ 6: I suggest you read (or watch, if you can) Alan Bennett's A Question of Attribution. IMO there was a good reason HMG 'advised' the Queen to keep Blunt on as Surveyor of her pictures, at least until the PM revealed it in the House of Commons. Prunella Scales nailed it as Her Majesty in the telly production.

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13

bus user

Sunday, February 5, 2012 at 11:24 AM

#10 Completely agree. Where is the investigative journalism into what seems to have been going on in Glasgow for years? I wonder what will come out if Labour loses control in May. A load of receipts for shredding machines?

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12

Willie Boy

Sunday, February 5, 2012 at 10:48 AM

Once a knight allways a knight, but once a night is enough.Eh what your Maj? Hoose o Lords for (Sir) Fred is what I say.

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11

Willie Boy

Sunday, February 5, 2012 at 10:46 AM

Birds of a feather flock together. Wonder if Queenie got the nod to sell shares before the collapse.

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10

FTH22inarow

Sunday, February 5, 2012 at 09:22 AM

How is the investigation going on into the alledged corruption in Glasgow Council? In saying that who cares about the Queen or her investments?

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9

Gonefishin

Sunday, February 5, 2012 at 08:40 AM

#4 boab Couldn't agree more. This has gone way beyond witchhunt. The pollys must be delighted the heat's off them. Hypocrisy rules!!

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8

Sawney Has-Been

Sunday, February 5, 2012 at 08:18 AM

So the scapegoat gets his K removed and told to do charity work. Then they take his charity work away?

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7

samcoldstream

Sunday, February 5, 2012 at 08:02 AM

According to one English Sunday, the Queen was "reluctant" to sign the order to remove the knighthood?

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6

Afredo Garcia

Sunday, February 5, 2012 at 06:10 AM

Not the first problematic advisor to the Royals. Anyone remember The Blunt who looked after the painting who turned out to be a Soviet agent?

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5

Boab1

Sunday, February 5, 2012 at 05:05 AM

#1 - because McConnell's not an SNP politician. Don't ask stupid questions!

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4

Boab1

Sunday, February 5, 2012 at 05:04 AM

I've got an exclusive for you - Members of the Labour Party are still allowed to talk about the economy despite the last two times they've been in power almost bankrupting the country. You decide which is more ridiculous. Just leave the guy alone, for goodness sake. He made a bad business decision. What about all the convicted criminals who populate the Houses of Parliament? Change the record.

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3

Jimmy Fae the West

Sunday, February 5, 2012 at 02:41 AM

Comment removed by moderator

2

Charles Linskaill

Sunday, February 5, 2012 at 01:24 AM

The Queens advisers were daft enough to ask Fred Goodwin as Her financial advisor, Don't blame Fred, Blame Them, idiots that they are.

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