The question is sometimes raised as to how long those arms are, and the answer is that we do engage in discussions with all of our shareholders on performance, strategy, governance, remuneration and so on. And these discussions are inevitably fuller and more frequent with an 82% shareholder, whose opinions have a proper place and adjustments made by the Board and the management. But at the end of the day, all decisions in the company have to be taken by the Board and the management. And by law, those decisions have to take into account the interest of all of our shareholders. It's not, of course, just a accompanied lower issue. The clarity of decision-making and accountability is fundamental to the prudential management of all businesses and, of course, particularly financial institutions.So whilst we do engage with shareholders, especially UKFI, we have to take our decisions on behalf of all shareholders, and we have to be wholly accountable for the decisions that we take solely and wholly accountable.
The Royal Bank Of Scotland Group Plc's CEO Discusses 2011 Results - Earnings Call Transcript
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