Too funny for words. What a coincidence that he only makes a payout if the share price is higher. In other words, he's ready to have everyone shut up so he can get back to the risks that brought us here in the first place. As long as he gets to shovel money around and keep the gamblers, he's fine. Lovely people, those bankers.
Referring to demands by the government that it should have a right to veto the "quantum and structure" of the bank's 2009 bonus pool, Stephen Hester said: "The process of the politicisation of RBS is damaging to our business and to the taxpayer interest."Oops. No payday, I guess. Join the crowd, old boy.
He noted that the RBS share price had stood at 50p before the EU demanded a draconian restructuring of the bank in return for £54bn of state aid, and before strictures on bonuses had been imposed as the price for joining the government's asset protection scheme (APS). "More than £15bn has been lost [in the bank's stock market value] due to politicisation," he told shareholders at a special meeting to approve RBS's entry into the scheme. The shares are now trading at about 32p.
Sir Philip Hampton, chairman, insisted he did not know how the new long-term incentive pay plan for the board would be structured, but City shareholders have been expecting a new scheme to be devised as the bank is forced to shrink dramatically by the EU. Hester's deal for 2009 caused controversy because it pays more than £9m if the shares rise above 70p.
