RBS 2013 Annual Report Download - page 99
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Report of the directors
97
The rules governing the powers of directors, including in relation to
issuing or buying back shares and their appointment are set out in the
company’s Articles of Association. It will be proposed at the 2014 Annual
General Meeting that the directors be granted authorities to allot shares
under the Companies Act 2006. The company’s Articles of Association
may only be amended by a special resolution at a general meeting of
shareholders.
A number of the company’s share plans include restrictions on transfers
of shares while shares are subject to the plans or the terms under which
the shares were awarded.
The rights and obligations of holders of non-cumulative preference
shares are set out in Note 26 on the consolidated accounts.
Except in relation to the Dividend Access Share, the company is not
aware of any agreements between shareholders that may result in
restrictions on the transfer of securities and/or voting rights. There are no
persons holding securities carrying special rights with regard to control of
the company.
Under the rules of certain employee share plans, eligible employees are
entitled to acquire shares in the company, and shares are held in trust for
participants by The Royal Bank and Ulster Bank Dublin Trust Company
as Trustees. Voting rights are exercised by the Trustees on receipt of
participants’ instructions. If a participant does not submit an instruction to
the Trustee no vote is registered.
The Royal Bank of Scotland plc 1992 Employee Share Trust, The Royal
Bank of Scotland Group plc 2001 Employee Share Trust and The Royal
Bank of Scotland Group plc 2007 US Employee Share Trust hold shares
on behalf of the Group’s employee share plans. The voting rights are
exercisable by the Trustees, however, in accordance with investor
protection guidelines, the Trustees abstain from voting. The Trustees
would take independent advice before accepting any offer in respect of
their shareholdings for the company in a takeover bid situation.
Awards granted under the company’s employee share plans may be met
through a combination of newly issued shares and shares acquired in the
market by the company’s employee benefit trusts.
A change of control of the company following a takeover bid may cause a
number of agreements to which the company is party to take effect, alter
or terminate. All of the company’s employee share plans contain
provisions relating to a change of control. Outstanding awards and
options may vest and become exercisable on change of control, subject
where appropriate to the satisfaction of any performance conditions at
that time and pro-rating of awards. In the context of the company as a
whole, these agreements are not considered to be significant.
Directors
The names and brief biographical details of the current directors are
shown on pages 39 to 42.
Sandy Crombie, Alison Davis, Tony Di Iorio, Philip Hampton, Penny
Hughes, Brendan Nelson, Baroness Noakes and Philip Scott all served
throughout the year and to the date of signing of the financial statements.
Joe MacHale and Art Ryan stepped down from the Board on 14 May
2013 and 30 September 2013 respectively.
Stephen Hester and Bruce Van Saun stepped down from the Board on
30 September 2013.
Ross McEwan and Nathan Bostock were appointed to the Board on 1
October 2013. Nathan has since confirmed his resignation although his
leaving date is still to be agreed.
Robert Gillespie was appointed to the Board on 2 December 2013.
All directors of the company are required to stand for election or re-
election annually by shareholders at the Annual General Meeting.
Directors’ interests
The interests of the directors in the shares of the company at 31
December 2013 are shown on page 79. None of the directors held an
interest in the loan capital of the company or in the shares or loan capital
of any of the subsidiary undertakings of the company, during the period
from 1 January 2013 to 26 February 2014.
Directors’ indemnities
In terms of section 236 of the Companies Act 2006 (the “Companies
Act”), Qualifying Third Party Indemnity Provisions have been issued by
the company to directors, members of the Group’s Executive and
Management Committees, PRA/FCA Approved Persons and certain
directors and/or officers of the Group’s subsidiaries.
In terms of section 236 of the Companies Act, Qualifying Pension
Scheme Indemnity Provisions have been issued to all trustees of the
Group’s pension schemes.
Post balance sheet events
Other than those matters detailed in Note 42 on the consolidated
accounts, there have been no significant events between the year end
and the date of approval of these accounts which would require a change
to or disclosure in the accounts.