RBS faces shareholder discontent at its annual meeting today regarding bonuses of £607 million to staff during a year when it lost £5.2 billion.
Payouts by the 81% state-owned bank are likely to infuriate investors after a “chastening” 2012 when a £390m settlement for Libor rate-fixing, another £1.1bn of mis-selling provisions and a £175m IT fiasco drove losses deeper from £1.2bn in 2011.
But the bank will argue it is on a stronger footing and should be ready for a return to the private sector by next year. Earlier this month, RBS swung out of the red with pre-tax profits of £826m for the first three months.
Shareholder advisory body Pirc is calling for investors to reject its pay report over excessive rewards.
