RBS pay packet likely to be controversial

Calcutta News.Net
Monday 22nd June, 2009

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A pay package for Royal Bank of Scotland chief, Stephen Hester, should go ahead this week.

The annual package, reportedly worth up to £9.6 million, has been agreed to by board chairman, Sir Philip Hampton and leading shareholders.

The package is supposedly made up of £1.2 million in pay and up to £8.4 million in non-cash bonuses and long-term incentives.

Long-term incentives for executives are normally only paid if share price targets are hit over a certain period of time.

In April, RBS announced 9,000 job cuts, having made a loss of £24.1 billion in 2008.

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