Business Services Industry
Royal Bank of Scotland Faces Renewed Controversy over Directors' Pay.
Knight Ridder/Tribune Business News, April, 2001
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Apr. 6--Royal Bank of Scotland is facing a new wave of shareholder anger over directors' pay. Corporate governance group PIRC is opposing controversial plans to double to UKpound 1 million the pot of money available to pay non-executives, describing the increase as "unjustified."
Investors are also upset over a new medium-term incentive scheme for executive directors that can pay out large bonuses in cash or shares for meeting "unchallenging" performance targets.
Critics question the independence of several directors including Sir Angus Grossart, who has served as a non-executive for 16 years and who sits on the bank's controversial pay committee.
Both PIRC...
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