ROYAL Bank of Scotland wants to demonstrate that the days of multi-million-pound bonuses have been replaced by sackcloth and ashes.
ROYAL Bank of Scotland wants to demonstrate that the days of multi-million-pound bonuses have been replaced by sackcloth and ashes.
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It still has some way to go to make a convincing case. New figures show that, last year, as many as 95 RBS employees earned more than £1million. The number of staff in the RBS millionaires club has attracted understandable criticism and demands that executive pay should be capped to help build the bank's capital base. Chief executive Stephen Hester is keen to leave such criticism behind, but it is difficult when massive salaries are reported by a bank bailed out by the taxpayer and tarnished by reputational damage on other fronts. But RBS is making some progress. Total remuneration for executive directors and the top eight executives was 16% lower than in 2011, albeit still worth £21m. Since 2010, the total sum paid in bonuses has been reduced by more than 50%. Perhaps the most compelling evidence of a turnaround in the culture is in Mr Hester's refusal of both a bonus and a salary increase. His remuneration package is £1.646m.
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A bonus of sorts in RBS figures
ROYAL Bank of Scotland wants to demonstrate that the days of multi-million-pound bonuses have been replaced by sackcloth and ashes.
It still has some way to go to make a convincing case. New figures show that, last year, as many as 95 RBS employees earned more than £1million. The number of staff in the RBS millionaires club has attracted understandable criticism and demands that executive pay should be capped to help build the bank's capital base. Chief executive Stephen Hester is keen to leave such criticism behind, but it is difficult when massive salaries are reported by a bank bailed out by the taxpayer and tarnished by reputational damage on other fronts. But RBS is making some progress. Total remuneration for executive directors and the top eight executives was 16% lower than in 2011, albeit still worth £21m. Since 2010, the total sum paid in bonuses has been reduced by more than 50%. Perhaps the most compelling evidence of a turnaround in the culture is in Mr Hester's refusal of both a bonus and a salary increase. His remuneration package is £1.646m.
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