Wednesday July 1, 05:29 PM
RBS CEO to hold share award for extra 2 years
LONDON, July 1 (Reuters) - Royal Bank of Scotland Chief Executive Stephen Hester has pledged to keep any shares he receives under the medium-term share award of a controversial 9.7 million pound pay package for an extra two years.
The chairman of RBS (LSE: RBS.L - news) 's remuneration committee has written to the Association of British Insurers to say Hester will retain any shares he receives from this year's medium-term performance plan for two years beyond the vesting date. The ABI welcomed the move.
Hester is to get a pay package potentially worth 9.7 million pounds ($16 million), RBS said last week.
It includes 3.4 million pounds under a medium-term share award if RBS shares hit 70 pence, which would be paid in respect of 2009 but only claimable after three years.
(Reporting by Steve Slater) Keywords: RBS/HESTER
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