Fortis: better late

Fortis shareholders have belatedly discovered the power of ownership. They rejected the appointment of well-connected diplomat Etienne Davignon to be chairman of what little is left of the Belgo-Dutch bancassurer. Two of the other five nominated directors were also sent packing. This expression of fury by shareholders won’t undo their vote last year to support the shambolic ABN Amro deal, which brought down Fortis. Most of the group was nationalised or sold in a hasty October carve-up. Some sha...