Investors urged to vote down RBS pay report

Corporate governance group Pirc has urged shareholders to vote against the remuneration report at Royal Bank of Scotland when it is presented at the group's annual meeting in Edinburgh early next month.
Shareholders will gather in Edinburgh next week for the RBS annual meeting. Picture: Phil WilkinsonShareholders will gather in Edinburgh next week for the RBS annual meeting. Picture: Phil Wilkinson
Shareholders will gather in Edinburgh next week for the RBS annual meeting. Picture: Phil Wilkinson

Pirc said yesterday there were “important concerns” over what it says is excessive remuneration for executive directors at RBS, including chief executive Ross McEwan.

“The changes in CEO pay over the last five years are not considered in line with the company’s TSR (total shareholder return) performance over the same period,” the group said.

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Pirc added ahead of the AGM next Wednesday: “There are also important concerns over the level of variable pay of the CEO which exceeds 200 per cent of salary and which comes in addition to the fixed share allowance (worth 100 per cent of salary).”

It said the use of a fixed share allowance “circumvents the spirit” of the EU regulations on banking remuneration.

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