Excessive pay for RBS chief executive
Jan
19
Written by:
19/01/2012 14:58
The BBC News website reported on 18th January 2012 that RBS Chief Executive Stephen Hester was paid £7.7 million in 2010. This was made up of £1.2 million basic salary, £2m Bonus paid in shares and £4.5m long term incentive plan (maximum of £4.5m in shares that Hester has agreed not to cash until May 2015 at the earliest).
The following day, RBS denied allegations that the bank was going to pay Hester a bonus of between £1.3m and £1.5m for 2011, on top of his £1.2 million basic salary.
The news came amid continuing political wrangling over bankers' salaries, which the UK government had vowed to clamp down on.
RBS is a state-controlled bank whose share price has fallen by more than 40% over the past year, and RBS has recently disposed of large parts of its investment bank, cutting thousands of jobs.
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