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Press Release

GMB on RBS bonus

27 January 2012

By paying this bonus for a year when Mr Hester has not had any special achievements other than a fall in the share price Government is saying that the going rate to run a bank in the UK is £2.2m a year

GMB commented on the payment of a bonus of £963,000 to Mr Hester, the boss of RBS.

Paul Kenny GMB General Secretary said “Mr Hester is already paid a salary of £1,200,000 to do this job.

Paying him a bonus of nearly a million pounds looks to ordinary people like he has won the lottery – with a ticket they paid for.

This week the Government said that shareholders should take responsibility to set proper pay levels for a company's top managers and to curb excesses. David Cameron and Nick Clegg represent the taxpayer shareholders. By paying this bonus for a year when Mr Hester has not had any special achievements other than a fall in the share price Government is saying that the going rate to run a bank in the UK is £2.2m a year. They have nailed their colours to the mast on this. We should have less guff from them about “everyone being in this together”.



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