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RBS Examines Remuneration Arrangements
Sir Philip Hampton, the chairman of Royal Bank of Scotland, is to work with Penny Hughes, the chair of the bank’s remuneration committee to seek to avoid a repeat of the fiasco concerning Stephen Hester’s bonus.
The CEO decided to waive his rights to a bonus award following a media storm.
The bank is looking at ways of increasing transparency concerning the way in which bonuses are calculated.
The Labour party is tabled a debate concerning these bonuses on February 7th.
The prime minister stated that RBS had to do a better job to demonstrate how pay is linked to performance. Maybe he is right in terms of explaining the size of the award although it is pretty clear that Mr. Hester met the difficult performance criteria set.
One could go on to observe that the prime minister himself might want to do some explaining as to why it is right to pay this bonus as opposed to playing cheap short term political games.
