Pressure mounts on RBS boss

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Royal Bank of Scotland chief executive Sir Fred Goodwin, who on Tuesday launched a £12 billion rights issue to bolster the group's finances, is set to be quizzed at the group's annual general meeting in Edinburgh.

The call for new funds came less than two months after the bank declared its capital base was satisfactory, and has seen management credibility called into question.

Other big investors have reportedly gone as far as calling for the group to name a leaving date for Sir Fred, who has been with the group since 1998.

One major shareholder told the Financial Times: "We want a clear indication from the company about when Sir Fred will leave."

Another suggested that both the chief executive and chairman Sir Tom McKillop will be gone within a year.

David Cumming, head of UK equities at Standard Life Investments, which holds 3.5% of RBS, told the newspaper that Sir Fred merited continued support.

But he warned: "He has to fully engage with his shareholder base and needs a strengthened non-executive board to maintain that support."

As well as the rights issue, Sir Fred revealed a further £5.9 billion of credit-crunch investment write-downs for the bank, on top of £2.5 billion hit last year.

He said the cash injection was needed because "the world had changed" in the past two months.