RBS 2013 Annual Report Download - page 78
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Annual report on remuneration
76
Annual report on remuneration
Total remuneration paid to directors
The sections as indicated on pages 76 to 81 have been audited by the company's auditor, Deloitte LLP.
Total remuneration for executive directors (£000s) (audited)
Former directors Current directors
Stephen Hester (1) Bruce Van Saun (2) Ross McEwan (3) Nathan Bostock (3)
2013 2012 2013 2012 2013 2012 2013 2012
Salary 900 1,200 570 750 250 — 191 —
Benefits (4) 20 26 74 134 40 — 7—
Pension 315 420 348 436 88 — 67 —
Annual bonus — — — 980 —— ——
LTIP (5) —
— — ——— ——
Total remuneration 1,235 1,646 992 2,300 378 — 265 —
Notes:
(1) Stephen Hester stepped down from the Board on 30 September 2013 and did not receive any annual bonus entitlement for the 2013 performance year. See page 79 for details of termination
arrangements and payment in lieu of notice.
(2) Bruce Van Saun stepped down from the Board on 30 September 2013 to become CEO and Chairman of RBS Citizens Financial Group and Head of RBS Americas. Mr Van Saun also stepped down
as a non-executive director of Direct Line Insurance Group plc and Worldpay (Ship Midco Limited), for which he did not receive any fees. He is a non-executive director of Lloyd’s of London
Franchise Board for which he received fees of £51,750 for the period to 30 September 2013. The amounts included in the table in respect of Mr Van Saun's pension relates to contributions that would
have been made to his Unfunded Unapproved Retirement Benefit Scheme ("UURBS") (if it had been funded) comprising a pension allowance of 35% of salary, together with additional amounts
through a salary sacrifice arrangement plus an investment return at a rate of 4.7% for 2013 (6.2% for 2012).
(3) Ross McEwan and Nathan Bostock were appointed to the Board on 1 October 2013 and the table reflects their pay for the period as Group Chief Executive and Group Finance Director respectively
since appointment.
(4) Benefits figure includes standard benefit funding of £26,250 per annum with the remainder being relocation expenses provided to Bruce Van Saun (housing allowance) and Ross McEwan (housing
and flight allowances).
(5) The zero value reflects awards granted to executive directors under the Long-term Incentive Plan in 2010 that did not vest in May 2013. See page 78 for details of subsequent LTIP assessments.
Chairman and non-executive directors’ remuneration (£000s) (audited)
Remuneration of non-executive directors, excluding the Chairman, was reviewed in 2013. Basic board fees were last increased in 2008 and Committee
fees were last increased in 2010. It was recognised that time commitment at RBS had increased significantly over the period. This increased time
commitment was due to a number of factors including an intense regulatory agenda, the extended remit of Board Committees, wider engagement with
the business and the executive team and efforts to drive cultural change. Consideration was also given to evidence of market increases in Board fees
over the period. For the current non-executive directors, the Board, excluding non-executive directors, approved a revised fee structure applicable from
1 April 2013 as set out on page 82.
Board and
Committee fees
Benefits and
other fees
2013
Total
2012
Total
Philip Hampton (1) 750 1 751 750
Sandy Crombie 186 — 186 150
Alison Davis 132 — 132 114
Tony Di Iorio (2) 136 — 136 128
Robert Gillespie (3) 7— 7
n/a
Penny Hughes 154 — 154 150
Brendan Nelson 164 — 164 150
Baroness Noakes 136 — 136 124
Philip Scott 164 — 164 150
Former non-executive directors
Joe MacHale (4) 49 — 49 133
Art Ryan (5) 80 — 80 93
Notes
(1) Philip Hampton is entitled to private medical cover and the value is shown in the benefits column.
(2) Tony Di Iorio became a non-executive director of RBS Citizens Financial Group, Inc on 15 January 2014, the fees for which will be reported in future years.
(3) Robert Gillespie was appointed to the Board with effect from 2 December 2013.
(4) Joe MacHale retired from the Board with effect from 14 May 2013. Board Committee fee included membership of the Asset Protection Scheme Senior Oversight Committee.
(5) Art Ryan is a non-executive director of RBS Citizens Financial Group, Inc. for which he received fees of US$131,000 for the period to 30 September 2013, the date he retired from the Group Board.
There have been no payments made to non-executive directors for loss of office.