RBS under fire over bonuses

Leading shareholders begin to bite! OAM

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A leading shareholder activist group has accused Royal Bank of Scotland of "lack of transparency" over the existing and planned bonus schemes for Larry Fish, head of its US operation, Citizens Financial.

A spokesman for the Pensions Investment Research Consultants (Pirc) a watchdog for corporate governance issues, has publicly raised its concerns ahead of RBS’s Edinburgh AGM next week.

Speaking of the existing "phantom" long-term incentive plan (LTIP) for Fish and the new LTIP, the bank is to put to shareholders, the Pirc spokesman said: "We don’t know enough, basically. There’s a lack of transparency, lack of detail.

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