RBS pays 10 bosses shares, not bonuses, worth £3.5m
RBS is set to pay 10 top executives a combined total of £3.5m in a move that avoids the strict EU rules on bonuses.
The executive to receive the largest number of shares was Rory Cullinan, the head of RBS's 'bad bank'.
Cullinan received 154,241 stocks, which, priced at 346 pence each, meant a total of £533,334. The amount is roughly 100 per cent of his salary.
The EU has strict rules on bonuses, which mean that a sum totalling more than 100 per cent of annual salary requires the consent of shareholders before payment.
RBS was prevented from paying out at a 2:1 bonus to salary ratio in April, when a Treasury body concerned with overseeing the taxpayer's 81 per cent stake in the rescued bank stepped in.
Cullinan received £600,000 in shares earlier in the year as part of a £2.5m bonus for the 2013 financial year.
Other names on the list of ten include Chris Sullivan the deputy chief executive, who received £467,000 worth of stocks. Sullivan hit the headlines last month when he was called "wilfully obtuse" by MPs during a hearing investigating RBS's treatment of small businesses.
Source: Investegate