Royal Bank of Scotland shareholders have overwhelmingly rejected the bank's remuneration report, which includes the £703,000 pension payment to former chief executive Sir Fred Goodwin.

Some 90.42 per cent of votes cast at the annual meeting in Edinburgh rejected the report. UKFI, the government body that controls a 58 per cent stake in RBS, had already said it would vote against. It is the lowest vote in favour of a remuneration report in UK corporate history, according to Manifest, a voting adviser.