Elizabeth II annuls Fred Goodwin knighthood

January 31, 2012

Queen Elizabeth II, the British monarch, has today withdrawn and annulled a knighthood given to in 2004, heeding the advice given to her by a forfeiture committee. Goodwin is the former at the  (RBS) and was awarded his knighthood by the  for services to banking. The committee concluded "that widespread concerns about Fred Goodwin's decision meant that the retention of a knighthood for services to banking could not be sustained."

Goodwin was chief executive of RBS when they purchased, a Netherlands bank, in 2007. The subsequently  RBS for 45 billion, amidst the.

British David Cameron stated about the annulment: "The proper process has been followed and I think we've ended up with the right decision." Cameron and Ed Miliband,, both believed Goodwin's knighthood should be removed. Miliband called it "the start of the change we need in our boardrooms."

leader and Nick Clegg considered it to be the "right decision". "[A]ppropriate" was the word, used to describe it. "RBS came to symbolise everything that went wrong in the British economy in the last decade," Osborne stated. Alex Salmond, of Scotland stated the title was given "for services to banking which could not therefore be sustained", calling the decision "correct".

Goodwin does not have the right to appeal against the decision, nor had the right to provide the forfeiture committee with any representations. The monarch holds sole responsibility for withdrawing all knighthoods; on this occasion Elizabeth II followed the advice of the committee, who decided to recommend the withdrawal to her. The announced the advice had been given to the queen on the understanding that "Goodwin had brought the honours system in to disrepute".

Speaking of the "exceptional case", the committee explained: "In 2008, the government had to provide £20 billion of new equity to recapitalise RBS and ensure its survival and prevent the collapse of confidence in the British banking system. Subsequent increases in government capital have brought the total necessary injection of taxpayers' money in RBS to £45.5 billion." The committee understood that "Fred Goodwin was the dominant decision maker at RBS at the time."

Until this announcement, criminal conviction and professional expulsion were the only causes for which individuals had their knighthoods revoked.