RBS boss Stephen Hester gets £800,000 bonus despite £391m fine
ByThe Courier Reporter
Chief Executive of the Royal Bank of Scotland Stephen Hester, addresses the British Chambers of Commerce annual conference, at Methodist Central Hall, London.
The boss of taxpayer-funded Royal Bank of Scotland will be paid a bonus of almost £800,000 just weeks after his bank was fined £391 million for rate-rigging.
Chief executive Stephen Hester will be given around £780,000 in shares next month as part of a reward scheme for his performance in 2010.
Mr Hester will be handed the shares next month, and will be able to cash them 12 months later.
Mr Hester said last week he would stay to “finish the job” at the bank despite damning evidence from US and UK authorities over its role in the Libor scandal, dating back to 2006 and continuing through to late 2010 when investigations had already begun.
RBS, 81% owned by the Government, will recoup around £300m from its staff bonus pool and clawing back previous awards to pay for the fines.
Mr Hestor’s payout is the second tranche of a two-part reward scheme that was announced in 2011.
RBS boss Stephen Hester gets £800,000 bonus despite £391m fine
