RBS 2013 Annual Report Download - page 88
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Annual report on remuneration
86
Advisers to the Group Performance and Remuneration Committee
The advisers are appointed independently by the Committee, which
reviews its selection of advisers annually. The Committee Chair oversees
the fees for the advisers. PricewaterhouseCoopers LLP (PwC) were
appointed as the Committee’s remuneration advisers on 14 September
2010 following a review of potential advisers, and their appointment was
reconfirmed by the Committee in July 2013 after an annual review of the
quality of the advice received and fees charged. PwC are signatories to
the voluntary code of conduct in relation to remuneration consulting in the
UK.
PwC also provide professional services in the ordinary course of
business including assurance, advisory, tax and legal advice to RBS
subsidiaries. The Committee Chair is notified of other work that is being
undertaken by PwC and is satisfied that there are processes in place to
ensure that the advice the Committee receives is independent.
As well as receiving advice from PwC in 2013, the Committee took
account at meetings of the views of the Chairman, Group Chief
Executive, Group Finance Director, Human Resources Director, Head of
Reward, the Group Secretary and the Chief Risk Officer. The fees paid to
PwC for advising the Committee in relation to directors’ remuneration are
charged on a time/cost basis and in 2013 amounted to £190,465.
Statement of Shareholding Voting
The table below sets out the voting by shareholders on the advisory
resolution to approve the Directors’ 2012 Remuneration Report at the
AGM held in May 2013.
For Against Total votes cast Withheld
20,058,440,088
(99.32%)
138,246,040
(0.68%)
20,196,686,128 148,371,848
Shareholder dilution
During the ten year period to 31 December 2013, awards made that
could require new issue shares under the company's share plans
represented 4.2% of the company's issued ordinary share capital
(including the B share capital), leaving an available dilution headroom of
5.8%. The company meets its employee share plan obligations through a
combination of new issue shares and market purchase shares.
Penny Hughes
Chair of the Group Performance and Remuneration Committee
26 February 2014