Published Date:
02 July 2009
ROYAL Bank of Scotland boss Stephen Hester has agreed to defer part of his controversial £9.6 million pay packet after it provoked outrage last week.
The chief executive, who is paid a £1.2 million basic wage, will now wait five years before cashing in shares that could be worth £3.4 million.
The move is an attempt to defuse concern that that Mr Hester was being given incentives to push the company's share price up in a way that was unsustainable.
Peter Montagnon, of the Association of British Insurers, said: "This is a significant and welcome development. Large rewards are fine if real value is created, but it must have a sustainable and long-term focus."
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Last Updated:
02 July 2009 11:04 AM
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Source:
Edinburgh Evening News
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Location:
Edinburgh
