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Royal Bank of Scotland Group plc chief has public duty to refuse £1m bonus
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Stephen Hester, the Royal Bank of Scotland Group plc (LON:RBS) chief executive, has a public duty to refuse his bonus of nearly £1 million, according to Jeremy Browne, a government minister.
Mr Hester could still receive a pay package for his work last year worth more than £7m, even after the bank moved to cut his annual bonus to less than £1m. In a statement on Thursday night, RBS said Mr Hester would get a bonus of £963,000 as the taxpayer-backed lender bowed to political and public pressure to ensure its chief executive was not handed more than £1m.
Prime Minister David Cameron made clear he expected the bonus to be "a lot less" than in 2011. But the Opposition said that the scale of the payout showed the Government was "desperately out of touch" with voters and not serious about reining in executive pay and perks, writes the Telegraph.
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