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The University of St Andrews Students' Association has called on the University to revoke Fred Goodwin's honorary degree.

Mr. Goodwin, the former Chief Executive of RBS, was stripped of his knighthood on January 31st due to his role in the UK banking crisis.

In a press release issued February 1st, the Union called on the University of St Andrews to follow the example set by the Forfeiture Committee and withdraw Goodwin's honorary degree.

Goodwin was made an honorary Doctor of Laws by St Andrews in 2004, soon after he had been knighted and in the midst of receiving several accolades, including Forbes Magazine naming him Businessman of the Year.

Association President Patrick O'Hare said, "‘To defend the award given to this dishonourable rogue devalues our system of honorary degrees and is insulting to those honorary graduates such as Sir David Attenborough and Sir Peter Lampl who have gained one through their contributions to society."

"If the Queen and the Forfeiture Committee can take the extraordinary measure of revoking his knighthood, then it seems fairly obvious that the University can do the same with his honorary degree."

In a statement to STAR News, a University spokeswoman said St Andrews will not revoke the degree.

"The University is very sensitive to the varied opinions expressed about Mr Goodwin's part in the collapse of RBS and its damaging effects on the economy and lives of many thousands of people."

"Revoking the degree however cannot change history, nor ameliorate the harm done by the banking collapse, for which many people and institutions, not just one man, are responsible."

“In these circumstances, the University will not be pressured into making the precipitate gesture of revoking Mr Goodwin's degree.”

The full Students' Association release and the University response are below.

'Press Release: University of St Andrews Students' Association calls on University to revoke Fred the Shred's Honorary Degree

“The University of St Andrews Students' Association has called on the University to revoke the honorary degree given to shamed banker Fred Goodwin. This follows the decision of the Forfeiture Committee, confirmed by the Queen, to strip Goodwin of his knighthood for bringing the honours system into disrepute.

The highly unusual move follows huge public criticism of Goodwin’s role as the chief decision-maker at RBS at a time when it embarked on its disastrous takeover of ABN-AMRO; this played a significant role in plunging the UK’s banking sector into crisis.

President Patrick O’Hare said:

“The Students’ Association is calling upon the University to revoke the honorary degree granted to disgraced banker and former head of RBS Fred Goodwin.

‘Fred the Shred’ has, over the course of the banking crisis, become a symbol for the arrogance, misjudgement and greed which has become endemic within our banking system. To defend the award given to this dishonourable rogue devalues our system of honorary degrees and is insulting to those honorary graduates such as Sir David Attenborough and Sir Peter Lampl who have gained one through their contributions to society. If the Queen and the Forfeiture Committee can take the extraordinary measure of revoking his knighthood, then it seems fairly obvious that the University can do the same with his honorary degree.

Although Fred Goodwin is of course not solely responsible for the banking crisis, his awards were made for ‘services to banking’, a statement which now has no foundation. It is the £45.5 million taxpayer bailout of RBS, not public spending on essential services, which has helped to auger in the age of austerity and unprecedented job losses. Universities should be moral and ethical leaders in society, and keeping in place an honorary degree for someone like Fred Goodwin runs contrary to the values of the University of St Andrews.”'

University of St Andrews Statement on Fred Goodwin

'“Fred Goodwin was given an honorary degree in good faith by the University in 2004, shortly after he had been knighted and in the same year that Forbes Magazine had made him Businessman of the Year and Scotland on Sunday declared him “Number One Scot”.

“Clearly a great deal has changed since that time. The University is very sensitive to the varied opinions expressed about Mr Goodwin's part in the collapse of RBS and its damaging effects on the economy and the lives of many thousands of people.

“Revoking the degree however cannot change history, nor ameliorate the harm done by the banking collapse, for which many people and institutions, not just one man, are responsible.

“In these circumstances, the University will not be pressured into making the precipitate gesture of revoking Mr Goodwin's degree.”'

Photo Credit: London Evening Standard