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Stephen Hester in line for £9.6 million remuneration package

Despite being majority owned by the UK government, on behalf of UK taxpayers, the Royal Bank of Scotland is today under pressure after agreeing a near £10 million remuneration package with chief executive Stephen Hester. The scheme will see Stephen Hester draw a salary of £1.2 million as well as potential annual bonuses of £2.4 million together with a share bonus package which could top £6 million.

While much of the bonus package is based upon the share price performance of Royal Bank of Scotland in the future, there is no doubt that if the UK economy does improve an increase in the share price from 36p to in excess of 70p (the bonus share checkpoint) would hardly be difficult. Despite severe criticism of the UK banking sector by the UK government this mammoth numeration package is catching the headlines for all the wrong reasons.

It is also worth remembering that Stephen Hester was awarded 10.4 million shares in Royal Bank of Scotland as compensation for loss of benefits when he left British Land. Quite why the UK taxpayer should be held responsible for lost benefits from former employment is very much open to debate.

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