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Royal Bank of Scotland under pressure regarding bonus scheme

A Royal Bank of Scotland bonus scheme which awarded millions of pounds of shares to four Royal Bank of Scotland bankers last week is under severe pressure today. This is a bank which is 70% owned by the taxpayer and despite government demands that strict criteria are built into any future bonus packages, Royal Bank of Scotland seems to be ignoring this criteria at the moment. This is a serious embarrassment to the UK government which appears to be saying something on one hand and doing something totally different with the other.

It will be interesting to see how the more influential shareholders in Royal Bank of Scotland, aside from UK government, reacted to the ongoing bonus plan amid signs that support for new chief executive Stephen Hester is waning. This is the man who was jettisoned in by the UK government to take over the running of Royal Bank of Scotland though even at this early stage controversy does not appear to be too far behind him.

Yet again it seems that the old banking sector bonus system is cranking back into for life despite strict guidelines from the authorities and the regulators. Demands from the UK government that performance must meet and exceed any performance criteria before bonuses can be paid appear to have fallen on deaf ears.

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