£3.36m of shares awarded to 10 senior RBS executives as 200 more jobs go
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Ten senior executives at Royal Bank of Scotland have been awarded 1,557,451 shares worth £3.36 million as payment of their half-year fixed share allowance, the still 73 per cent taxpayer-owned bank has announced.
The allowance has come into use to get around conventional bonus payments curbed by new industry regulations.
The highest payment is 231,161 shares to chief executive Ross McEwan, currently with a value of £494,684.
Mr McEwan, the Edinburgh-based lender said, had confirmed in February that he intended to transfer half of his 2016 fixed share allowance to charity.
“In light of this commitment, he will transfer half of his retained shares to charity when they are released over the course of the five year period.”
Mr McEwan had also this week transferred 15,350 shares to charity, in line with his commitment in February last year not to benefit from his 2015 fixed share allowance.
The market price used to determine the number of Shares delivered was £2.163. Shares retained after payment of associated tax liabilities are held on behalf the individual executive in the bank’s Computershare Retained Share Nominee account and will be released in instalments over a five year period.
Meanwhile, RBS has drawn up plans to axe 200 jobs as it continues with its plan slash its branch network in favour of increasing online banking activity.
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