Can't argue with that - he must be the highest paid civil servant by quite a margin?

Perhaps Cameron could suggest a cap of £26k on bonuses?

Like Northern Rock.

cod'ead wrote:The £3.3m is on top of Mr Hester's total package of £35.54m since joining the bank in 2008. That year, when the then Labour government bailed out RBS, Mr Hester was awarded £4.99m in restricted shares, forgoing pay and bonuses. In 2009, his package was worth £6.9m. In 2010, his total package rose to £8.16m. Last year, the total was £8.08m, including a long-term incentive plan (LTIP) worth £4.8m, bonus £1.66m and salary and pension contributions. For 2012, the total figure is £7.38m – including LTIP worth £4.8m, his bonus of £963,000 and £420,000 pension contributions and £1.2m salary.. From HERE A new Long-Term Incentive Plan was approved by shareholders on 28 April 2010. Awards will not vest unless the Remuneration Committee is satisfied that risk management during the performance period has been effective at a Group and division/functional level. The Remuneration Committee's determination will be informed by input from the Group Chief Risk Officer and the Board Risk Committee. Specifically, prior to vesting, the Remuneration Committee will have regard to risk and compliance across the Group and divisions and make an assessment of future risks as appropriate. All awards are subject to clawback. As vulgar as the remuneration packages may be to some of us, this is the way of the world and it appears to be done in the correct manner. Everything has been APPROVED by shareholders. SO why is that any government's fault?

cod'ead wrote:The £3.3m is on top of Mr Hester's total package of £35.54m since joining the bank in 2008. That year, when the then Labour government bailed out RBS, Mr Hester was awarded £4.99m in restricted shares, forgoing pay and bonuses. In 2009, his package was worth £6.9m. In 2010, his total package rose to £8.16m. Last year, the total was £8.08m, including a long-term incentive plan (LTIP) worth £4.8m, bonus £1.66m and salary and pension contributions. For 2012, the total figure is £7.38m – including LTIP worth £4.8m, his bonus of £963,000 and £420,000 pension contributions and £1.2m salary.. From HERE A new Long-Term Incentive Plan was approved by shareholders on 28 April 2010. Awards will not vest unless the Remuneration Committee is satisfied that risk management during the performance period has been effective at a Group and division/functional level. The Remuneration Committee's determination will be informed by input from the Group Chief Risk Officer and the Board Risk Committee. Specifically, prior to vesting, the Remuneration Committee will have regard to risk and compliance across the Group and divisions and make an assessment of future risks as appropriate. All awards are subject to clawback. As vulgar as the remuneration packages may be to some of us, this is the way of the world and it appears to be done in the correct manner. Everything has been APPROVED by shareholders. SO why is that any government's fault?

cod'ead wrote:Take a look at the share price since Hester took over and then come back It's very unattractive isn't it. Was there ever a share offer for RBS in his time or a raising of sorts? This would significantly cheapen the stock with there being more shares in the company earning FA? Also, did this lot do worse than other banks? Were they more wrapped up with the buggers that caused the GFC? http://investing.thisismoney.co.uk/quote/RBS interesting little note on how much directors sold shares for. Hester sells round 50% of his shares on the days he gets them.

cod'ead wrote:Take a look at the share price since Hester took over and then come back It's very unattractive isn't it. Was there ever a share offer for RBS in his time or a raising of sorts? This would significantly cheapen the stock with there being more shares in the company earning FA? Also, did this lot do worse than other banks? Were they more wrapped up with the buggers that caused the GFC? http://investing.thisismoney.co.uk/quote/RBS interesting little note on how much directors sold shares for. Hester sells round 50% of his shares on the days he gets them.

The government owns 88% of it, they are to all intents and purposes the shareholders.

OK. So this current government approved the remuneration packages, bonuses etc. that were set up by the bank's remuneration board (their mates the non exec Dirs) and gone through by PWC in a shareholder's vote of sorts? Or did they just let them carry on with their business as usual. That's a serious question Big G.

I just noticed in the Wall Street Journal (which says now 82% govt owned), that this Hester fella got a big bonus last year also!!! Was there an uproar as big as this back then?

Imagine how much his 4.5 million shares issued last year and valued at £1.3m at today's price will be worth when he cashes them in in the future!!!

Is the anger back home, more to do with the fact that the RBS was bailed out with public money and that the general public are seeing how vulgar some of these peoples remuneration packages are? Because at tother UK banks, they'd be earning and getting larger bonuses that these fellas.

Nope. As you posted, these packages were approved on 28th April 2010. The coalition government did not take power until 11th May 2010. This was all approved by Gordon Brown and his Labour acolytes, which is something of an inconvenient truth for some people.

I wasn't even alluding to or was aware of that. But that is interesting. I am just wondering what involvement governments have in this process.

Rooster Booster wrote:I wasn't even alluding to or was aware of that. But that is interesting. I am just wondering what involvement governments have in this process. The UK taxpayers financial interests in the banks are not controlled by the government. A separate, arms length, company was set up to control the public investments and have independent decision making powers regarding those investments. The company is called UK Financial Investments Ltd. http://www.ukfi.co.uk/about-us/what-we-do/ Anyway, its all a non-issue now as it seems that Stephen Hester has decided to decline his bonus.... http://www.bbc.co.uk/news/uk-16783571

Rooster Booster wrote:I wasn't even alluding to or was aware of that. But that is interesting. I am just wondering what involvement governments have in this process. The UK taxpayers financial interests in the banks are not controlled by the government. A separate, arms length, company was set up to control the public investments and have independent decision making powers regarding those investments. The company is called UK Financial Investments Ltd. http://www.ukfi.co.uk/about-us/what-we-do/ Anyway, its all a non-issue now as it seems that Stephen Hester has decided to decline his bonus.... http://www.bbc.co.uk/news/uk-16783571