RBOS bonus "capped" at under £1 Million

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A topic from News & Current Affairs: Business

laresThu 26/01/12 19:21

"A controversial bonus for the boss of taxpayer-funded Royal Bank of Scotland will be capped at less than £1 million, it has been reported.

RBS chief executive Stephen Hester is in line for around three million shares, about half his entitlement, which equates to between £800,000 and £950,000 at Wednesday's closing share price, Sky News said. Mr Hester, who is on a salary of £1.2 million, last year received an all-shares bonus worth £2 million.

The board of RBS, which is 83% state-owned, is understood to have agreed the payout, which will be paid entirely in RBS stock and deferred for three years, at a meeting on Wednesday.
Asked about the reported bonus settlements, Prime Minister David Cameron's official spokesman said: "No decisions have been taken on RBS bonuses.

"There is a process, which was established under a previous government, that UK Financial Investments as shareholder will discuss remuneration policy with that bank and with Lloyds. My understanding is that that discussion is ongoing."
RBS declined to comment on the report. The decision comes after Business Secretary Vince Cable unveiled proposals to crack down on hefty salaries and bonuses, including binding votes for shareholders and improved transparency.
However, RBS's concession on Mr Hester's bonus will not defuse the row over directors' pay completely as John Hourican, head of RBS's investment arm, who will oversee a restructuring that will include around 3,500 job losses, picks up £4 million in long-term incentive shares that he was awarded in 2009."

http://1sq.me/zTxkp6

dazbarThu 26/01/12 19:27

It must be sooo hard for him, only £900,000 bonus, how will he and wifey survive this year?

zerocrop2000Thu 26/01/12 19:31

How about capping it at £26,000

Same as the benefit cap for the sick and disabled

We're all in it together, after all.

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