Tuesday, January 12, 2010

Overpaid But Currently Worthless

Stephen Hester, the CEO of Royal Bank of Scotland (RBS), has told the Treasury Select Committee today that his parents believed that he was overpaid.

However, in his first year of tenure he has agreed to take no salary and his bonus is linked to the RBS share price (theoretically it might be worth £10M over 3 years). This means, at the moment, his package is technically worth zero.

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