UK RBS chief gives up 2011 bonus

Royal Bank of Scotland (RBS) chief executive Stephen Hester decided on Sunday to waive his £963 000 (R11.7 million) bonus after the UK’s opposition Labour Party said on Friday that it would ask parliament to vote on the award. Hester, 51, had been at the centre of a political storm over executive pay since the announcement on Friday that he would receive a bonus for 2011 on top of his £1.2m salary. Britain’s biggest taxpayer-controlled bank has fallen 35 percent in the past year to about half what the government paid for its majority stake. – Bloomberg Source