LONDON Aug 12 State-backed Royal Bank of Scotland has awarded shares worth 3.5 million pounds ($5.9 million) to ten executives under new role-based pay awards it brought in to navigate limits on annual bonuses.
The biggest payout, worth 530,000 pounds, has gone to restructuring chief Rory Cullinan, the bank said in a regulatory filing on Tuesday.
RBS, which is 81 percent-owned by the British government, scrapped plans to pay executives bonuses worth up to double their salary after opposition from the government. It instead agreed to pay them a maximum of one times their basic pay.
($1 = 0.5962 British Pounds) (Reporting by Matt Scuffham; Editing by Steve Slater)