RBS Executive John Hourican 'Set For £4m Bonus' - As Cameron Vows To Curb Executive Pay
David Cameron has insisted he remains committed to curbing excessive boardroom pay, despite a reported £4 million bonus award to a senior executive at the predominantly state-owned Royal Bank of Scotland.
The Financial Times reported that John Hourican, the chief executive of RBS's global banking and markets division, was in line to receive the special bonus payout in April.
It follows the award to Mr Hourican in 2009 of 29 million shares and options, subject to meeting certain unspecified performance targets over the following three years.
The disclosure came just the day after Mr Cameron vowed to crack down on excessive executive pay.
"These decisions have not finally been made. Some of them - including this one I think - may relate to decisions made before this Government," he said.
"From what I read of that case, it was actually decided in 2009 before this Government took office."
He added: "We have taken tough action. The overall level of bonuses has come right down but we are looking more broadly at top pay to make sure it is linked to success."
Simon Danczuk MP, said: “Taxpayers will be angered at the news that state-owned Royal Bank of Scotland is preparing to pay out a bonus of £4 million to a single employee.
“The Government is the largest shareholder in RBS. If the Prime Minister is serious about empowering shareholders he should lead by example and take action to ensure unfair pay awards are not allowed.
“And with banks preparing to pay out such large bonuses this year it is outrageous that the Tory-led Government refuses to repeat the bank bonus tax and use the money raised to fund 100,000 jobs for young people, as Labour would do.”