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 RBS CHIEF FENDS OFF PAY CRITICISM
RBS Chief Executive: Stephen Hester Thursday July 2,2009 By Brendan AbbottROYAL Bank of Scotland chief executive Stephen Hester yesterday moved to deflect criticism of a controversial £9.7million pay package.
He has agreed to keep shares worth up to £3.4million for an extra two years, meaning it will be five years before he can claim them. The shares will be awarded if the RBS hits 70p. Yesterday the bank rose ¾p to 39½p. The decision was welcomed by the Association of British Insurers. “This is a significant and welcome development,” said investment affairs director Peter Montagnon. 
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