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RBS investors urged to block CEO Ross McEwan's 3.6 mln stg pay packet


Reuters


LONDON, April 16 (Reuters) - Investors in Britain'sRoyal Bank of Scotland have been urged to vote against the bank's remuneration plans at next week's annual general meeting, as pay for top bosses at major banks comes under fresh scrutiny.

Shareholder advisory group PIRC on Tuesday recommended shareholders block RBS's remuneration report, describing chief executive Ross McEwan's overall 3.6 million pound ($4.7 million) pay packet for 2018 as "excessive".

PIRC said McEwan's total variable pay- at 211 percent of salary- was too high, on top of his 1 million pound base pay. Rival investor advisors Glass Lewis and ISS have recommended shareholders vote in favour of the bank's pay proposals.

Remuneration policies at rival FTSE 100 banks HSBC and StanChart have also been criticised by investors in recent weeks, with HSBC bowing to pressure ahead of its AGM to cut pension contributions for executives.

RBS was not immediately available for comment.

($1 = 0.7656 pounds)






This article appears in: Politics , World Markets , Stocks , Economy




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