From the archive: ‘RBS bonus storm’

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The Scotsman, 11 April 2001

THE battle between Scotland’s largest bank and its frustrated shareholders is to come to a head today at what promises to be the stormiest AGM in living memory. Royal Bank of Scotland has been beset by “fat cat” allegations surrounding bonuses and share options paid to its top executives, and investors will use today’s meeting to outline their frustrations.

Shareholders are expected to voice their disapproval by voting against reappointing non-
executive directors Sir Angus Grossart and Sir Iain Vallance to the board. The protests have been led by the National Association of Pension Funds (NAPF), whose members are the biggest shareholders in RBS and also control a quarter of the stock market. The row escalated on the news that outgoing chief executive Sir George Mathewson has since been given share options worth about £1 million after reversing his decision to retire.