In April, the Treasury – which has a 81 per cent stake in the bank – told RBS it would veto plans for a 2:1 bonus ratio as new EU rules declare that banks need to ask shareholders for approval of annual bonuses above 100 per cent of base salaries.“The new team at RBS have done a huge amount to repair what went so badly wrong in that bank, but there’s still a long way to go,” chancellor George Osborne said. “We made it clear that in the circumstances it was not right to increase the bonus cap. I’m glad that RBS have agreed with that.” Instead, the state-supported bank plans to pay staff with role-based awards. Its first act has seen RBS award ten executives with more than 971,000 shares, worth £3.35m. The biggest award, worth £500,000, was made to CEO Ross McEwan. However, McEwan said at the beginning of 2015 that he did not intend to benefit from the scheme and would give the shares to charity. Read more about CEOs:
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