RBS 2010 Annual Report Download - page 265

Project Merlin - disclosure commitments
The Group is committed to increasing the transparency of remuneration
within the financial services industry and contributing to an international
level playing field on disclosure. In addition to aligning with FSA
requirements on remuneration disclosure by 31 December 2011, the
Group has enhanced its Directors’ Remuneration Report to include the
five highest paid senior executive officers as well as maintaining
disclosure levels for executive directors.
The data below relates to the five members of the Group’s Executive
Committee with the highest total remuneration for 2010. For consistency,
figures are shown in GBP. Where applicable, currency conversion was
based on the 2010 average exchange rate for fixed remuneration and the
31 December 2010 spot rate for bonus figures, in line with the approach
taken in this Report.
Executive A Executive B Executive C Executive D Executive E
£000 £000 £000 £000 £000 £000 £000 £000 £000 £000
Salary (1) 1,779 700 750 750 650
Variable remuneration (cash) 2 2 2 2 2
Variable remuneration (bond) 488 1,018 253 238 193
Variable remuneration (shares
subject to retention) 490 1,020 255 240 195
Deferred remuneration (bond) 734 1,530 383 360 293
Deferred remuneration (shares
subject to retention) 734 1,530 383 360 293
Variable in Executive Reward
Schemes (shares) (2) 1,718 133 1,333 1,292 1,000
Total variable remuneration (3) 4,166 5,233 2,609 2,492 1,976
Total remuneration 5,945 5,933 3,359 3,242 2,626
No sign-on or severance awards have been made during 2010 to any of the above individuals.
Notes:
(1) In addition, the total value of pension and other allowances paid during 2010 for each individual shown in the table above was:
Pension and other allowances £000
Executive A 736
Executive B 294
Executive C 293
Executive D 647
Executive E 244
(2) Executive Reward Schemes (shares) include long-term incentive awards made following the end of the relevant financial year. The amounts shown reflect two thirds of the grant-date face value of
the underlying shares to reflect an approximate performance factor applicable to these awards. The exact number of shares under each award will be based on the share price prior to grant and will
therefore be determined at the time of grant.
(3) Variable remuneration reflects the amounts of variable remuneration awarded in respect of the financial year and has been split into different elements based on the deferral position applicable for
each employee. Deferral arrangements are compliant with the requirements of the FSA Code.
Penny Hughes
Chair of the Remuneration Committee
23 February 2011
263RBS Group 2010
Governance