Shareholders set to give RBS chief Hester a rough ride
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Despite giving up his annual bonus Stephen Hester, chief executive of taxpayer-controlled Royal Bank of Scotland, is set to face angry shareholders at the bank's annual meeting on Wednesday.
Hester forwent a £963,000 annual bonus earlier this year after pressure from politicians and commentators. But he was awarded a long-term bonus that could result in him being given up to 10.1m shares in the bank. Pensions & Investment Research Consultants (Pirc), the corporate-governance adviser, has recommended shareholders vote against the directors' remuneration report.
Pirc also opposes RBS's plan to consolidate its shares, turning 10 current shares into one new one. The bank says this will reduce volatility and make it easier for the government to begin selling off its 82 per cent stake. Pirc claims the move is just part of RBS's "dysfunctional" accounting standards, which hide the true nature of its losses.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments