Royal Bank of Scotland is under fire over new bonus schemes for its chief executive, Stephen Hester, and other top bankers amid concern about the performance criteria attached to multimillion-pound awards by a bank 70% owned by the taxpayer.
The latest controversy follows the award of shares worth £5m to four RBS bankers last week. The largest award was to Ellen Alemany, who runs the bank's US business and was given almost 6m shares, worth £2.4m based on Friday's closing price of 41p. Three other bankers had awards of about 1.8m shares each, worth about £750,000 at current share prices.
The shares were awarded during an ongoing review of the pay structure for Hester, parachuted in as chief executive when Sir Fred Goodwin was ousted last year. Goodwin's pension of £700,000 a year continues to cause controversy.
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