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RBS discloses £1m executive pay packets

The Royal Bank of Scotland is expected to reveal that 300 senior staff received pay packages averaging £1m each last year.

The pay deals of the bailed-out bank’s senior executives will be outlined in the group’s annual report, due to be published on Thursday. The Government currently holds an 83 per cent stake in RBS.

The report will also include details of the top five company earners outside the board although individuals do not need to be named.

It will be the first time RBS has disclosed senior employees’ pay since the FSA’s revised remuneration code in December.

It follows confirmation in March that RBS chief Stephen Hester could pick up total pay of £7.7m for 2010, some £4.5m of which will be paid in shares deferred until 2014.

The bank lost £1.1bn last year, largely due to the £1.1bn cost of taking up the Government’s Asset Protection Scheme.

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