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Bonus of nearly £1million for RBS boss ‘reflects recovery progress’
Published on 30th January 2012 by Anthony Alexandrou
Board ‘recognises difficulties’ around pay for banks chief Hester
Bonus of nearly £1million for RBS boss ‘reflects recovery progress’
Royal Bank of Scotland chief executive Stephen Hester is to receive a £963,000 bonus for last year, the bank’s board confirmed today.
The annual performance payment will be awarded in shares, on top of Hester’s £1.2 million salary for 2011.
The bank – which is 83 per cent owned by the taxpayer – said that the incentive payout reflected “substantial progress in making RBS safer, rebuilding performance in many businesses and improving customer service and support.”
The board said it had allocated Hester 60 per cent – equivalent to 3.6 million shares – of the share award set aside for him in 2011. The shares are deferred and cannot be cashed in until 2014.
For full article, please visit: http://www.bbc.co.uk/news/business-16751691