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UK slammed on Hester's £1m bonus

Friday 27 January 2012 - by Andrew Hickley


Hester's bonus was approved at RBS's annual general meeting by 99.2 per cent of shareholders, including the UK Financial Investments group, owned by the government and responsible for managing its investment in the bank.

The bonus has been made entirely in deferred shares subjected to holding conditions, ensuring that they cannot be redeemed in full until late 2014, the bank said.

Commenting on the decision, RBS group chairman Sir Philip Hampton said: "Stephen Hester's pay award reflects progress in the categories agreed with our shareholders as set out in the remuneration report.

"His pay is strongly geared to the recovery of RBS, which he was recruited to turn around, having played no part in its collapse. The priority is to re-shape a business that was far too big and far too risky, reducing legacy losses whilst improving performance in the group's strong core businesses.


"A safer and more valuable RBS is in the interests of our customers, shareholders and the UK economy and we are progressing well to towards this goal under the leadership of Stephen Hester."


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