RBS boss McEwan ‘to forgo £1m’

Published: Thursday 26th February 2015 by The News Editor

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The chief executive of Royal Bank of Scotland (RBS) is to forgo a £1m slice of his 2015 pay packet, according to reports.

Ross McEwan, who took over the 81% publicly-owned bank in 2012, told its board of directors he did not want the “role-based” incentive, paid on top of salaries by some banks, in a move seen as side-stepping the EU bonus cap.

An RBS spokesman told Sky News: “Ross McEwan has told the RBS Board he does not intend to take the proceeds from his 2015 role-based allowance.

“Ross does not want this issue to be a distraction from the task of building a great bank for customers and shareholders.”

Mr McEwan also declined to take an annual bonus last year.

The role-based allowances are designed to allow the banks to get around the EU bonus cap, which came into force on January 1 last year limiting annual payouts for 2014 onwards to 100% of annual salary, or a maximum of 200% with shareholder approval.

The broadcaster also reported the bank is set to announce its annual results later, including details of staff pay deals.

Since its rescue from the brink of collapse in 2008, RBS has focused on offloading many of its foreign and investment banking assets to become a more UK-focused bank centred on retail and commercial banking.

Published: Thursday 26th February 2015 by The News Editor

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