Royal Bank of Scotland trims Stephen Hester bonuses after protest

Catherine Boyle & ,}

The reward package for Royal Bank of Scotlands arch senior manager has been watered down after shareholders protests.

Stephen Hester was due a 4.8 million payout in 2013 if share cost targets for the bank were met. This has been cut to a limit 4.2 million and targets for the share cost in 2013 have been raised.

While piece of the prior package had a share cost aim of 50p, this has risen to 57p. The limit payout for this component of the reward intrigue will not be handed over unless the share cost hits 77p on normal over 3 months, opposite 75p in the prior plans. The lifted targets will affect long-term reward payments for the companys tip senior manager team.

At the banks annual assembly last month, shareholders voiced their annoy at the distance of bonuses at the bank, that is 84 per cent-owned by the British taxpayer. RBSs share cost rose on top of 58p after a convene in April, that led a little to hold that the 50p aim would be reached easily. The share cost sealed down 3.86 per cent at 47.3p yesterday.

RBS pronounced this week that it would cut a serve 2,600 jobs, carrying let a sum of 22,600 employees go given the monetary predicament began. Mr Hester, whose income is about 1.2 million, waived his desert to a 1.6 million reward last year.