RBS chairman declines £1.4m bonus
Saturday 28 January 2012
The chairman of the taxpayer-funded Royal Bank of Scotland (RBS) will not receive a shares bonus worth £1.4 million, the bank said today.
Sir Philip Hampton's decision comes days after RBS chief executive Stephen Hester came under fire over a £963,000 bonus awarded to him.
An RBS spokesman said: "Sir Philip Hampton will not receive the 5.17 million shares he was awarded in 2009 when he joined RBS."
Sir Philip is thought to have told the bank's remuneration committee it would not be appropriate for him to take the shares to which he is entitled.
He was given the scheme when he was appointed at the 83%-state-owned bank as part of a three-year long-term incentive deal.
It is understood RBS were not due to offer Sir Philip the share bonus, which is based on a variety of factors, until next month.
But the chairman chose to waive the entitlement earlier.
Sir Philip's decision is likely to pile more pressure on Mr Hester, who has faced calls from unions, politicians and the public to turn down his award of almost £1 million.
Prime Minister David Cameron insisted it was up to the chief executive to decide whether to give up his bonus.
"It's a matter for him," he said at Chequers.
"It's obviously his decision. My decision is to make sure the team at RBS get on with the job of turning the bank round and we made our views very clear on the bonus and that's why it was cut in half compared to last year."
Scotland's First Minister Alex Salmond, who is a former RBS economist, said: "This is a welcome development but these circumstances cannot be left to individual decisions. They must be a matter of public policy.
"On this matter the Westminster parties have shown themselves to be totally deficient."
He called for pay restraint to help sustain public services, adding: "How can that be maintained against the background of huge bonuses being paid in organisations which are still within the public sector? This blatant inequality thus threatens economic recovery.
"Both the coalition government and the Labour party are equally culpable.
"Labour negotiated the very deal with Stephen Hester that they now complain about while the coalition parties huff and puff about shareholder democracy but stand by idly when they carry responsibility for the public shareholding.
"They also have the option of a further tax on bonuses but instead all the Tory rhetoric is on reducing the top rate of tax.
"Collectively the Westminster parties display the complete abdication of responsibility of political parties out of touch with the public of both Scotland and England."
- 1 Gun instructor accidentally shot dead by nine-year-old girl with Uzi gun
- 2 Miley Cyrus' homeless MTV VMAs date, Jesse Helt, is wanted by the police
- 3 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 4 Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
- 5 Homer Simpson has taken the ALS ice bucket challenge because of course he has
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Jeremy Clarkson is a cultural tumour and needs to be removed, says comedian Frankie Boyle
- < Previous
- Next >
£40000 - £48000 per annum + benefits+bonus+package: Harrington Starr: C# Devel...
£45000 - £60000 per annum + benefits+bonus+package: Harrington Starr: C# Swift...
£55000 - £70000 per annum + Benefits + Bonus: Harrington Starr: Front-End Deve...
£30000 - £40000 per annum + Benefits + Bonus: Harrington Starr: Graduate C# De...