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RBS chief's pay deferral
Royal Bank of Scotland boss Stephen Hester's move to defer part of his £9.6m pay package for an extra two years was welcomed yesterday by a shareholder lobby group.
The Association of British Insurers (ABI) – the body that represents around a fifth of UK investors – backed the decision to push back a potential 3.4m-worth of bonus shares until 2014 after it raised concerns. Mr Hester's pay deal, consisting of a 1.2m basic salary, attracted controversy, given the bank's hefty losses and more than 70 per cent ownership by the taxpayer.
He had been due to receive a 2m non-cash bonus each year and 6.4m-worth of long-term share and option awards, dependent on targets being met.
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Weather for Yorkshire
Sunday 12 February 2012
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