RBS chief executive defers pay award

RBS chief executive Stephen Hester has decided to defer his pay award by two years to try to defuse a row over his package being too short-term focused.

Hester receives a basic salary of £1.2m, a £2m annual non-cash bonus, and up to £4.8m in share awards. The shares vest in June 2012 should the bank meet certain targets, including a 70p share price.

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But the chief executive wrote to the Association of British Insurers pledging to defer any rewards made this year until June 2014, to ease criticisms of his generous package.

Evening Standard | The Telegraph