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Banking RBS faces investor fury over pounds 3.4bn in bonuses

June 25, 2014



Royal Bank of Scotland is expected to face shareholder attacks at its annual meeting today after paying out pounds 3.4bn in bonuses in the past four years.

Executive pay and Scottish independence will be centre stage at the loss-making bank's meeting at its headquarters on the outskirts of Edinburgh. RBS, which is 80% taxpayer-owned, doled out pounds 1.4bn in bonuses in 2010, with payouts falling to pounds 576m last year, according to the Robin Hood tax campaign.

It is the first annual meeting for chief executive Ross McEwan, who was promoted to the top job last October after Stephen Hester quit. McEwan is in line for pounds 1m a year in "share allowances" that sidestep the EU bonus cap and are also used by other banks. Shareholder group Pirc has advised investors to vote against RBS's pay policy.

McEwan and RBS's chairman, Sir Philip Hampton, are also likely to face questions from shareholders over whether the bailed-out bank would move to England if Scotland votes for independence in September. Julia Kollewe



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Source: Guardian (UK)


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