RBS 2013 Annual Report Download - page 70
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Directors’ Remuneration Report
68
• Of those employees who do receive an award, 47% will receive
£2,000 or less and 70% will receive less than £5,000.
• Any awards above £25,000 will be delivered 100% in shares and
deferred over a three year period.
• Average salary increases made across the business in 2014 will be
less than 2%.
In conclusion, I believe our decisions on pay take account of performance
while giving us the flexibility to attract and retain the expertise needed to
build for the future. The Committee continues to receive valuable and
independent advice from PwC and I would like to thank my fellow
Committee members and those who support the Committee for their
insight and guidance during another eventful year. I am also greatly
encouraged by the willingness of shareholders to engage constructively
in the pay debate and grateful for their support.
Following the publication of the Parliamentary Commission on Banking
Standards report in June 2013 and the announcement from the
Prudential Regulation Authority (PRA) that they intend to consult on a
revised Remuneration Code in 2014, it is likely that remuneration will
continue to be an important part of the agenda facing banks in the year
ahead. We welcome any developments that help to make banks safer
and ensure fair returns for both shareholders and employees.
RBS is a major UK employer and, as a bank playing a key role in the
economic recovery, we understand the importance of getting our pay
decisions right. We are committed to a high level of transparency and I
believe the new reporting and voting requirements that apply to this
year’s remuneration report can add to this process.
My closing message is simple. Pay must align with the long-term strategy
and be cut when performance disappoints. This is what RBS is doing. I
hope shareholders find this year’s report helpful and feel able to support
the proposals at the AGM.
Penny Hughes
Chair of the Group Performance and Remuneration Committee
26 February 2014