Bailed-out banking giant RBS has agreed a pay package worth over $20 million for chief executive Stephen Hester.
The firm has won the support of shareholders and UK Financial Investments - the company that handles the Government stake in the bank - for its $19.85m long-term incentive plan. The deal places Mr Hester in line for $2.48m in salary, around $4.1m in annual non-cash bonus payments and close to $13.2m of long-term share and stock option awards. It comes after the bank's payout to former chief Sir Fred Goodwin returned to the headlines and as details of a lavish Wimbledon hospitality package keep the finances of RBS - which is 70 per cent Government owned - under the spotlight.