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Government vetoes RBS plans for 200% bonuses

Royal Bank of Scotland's hopes of paying bonuses twice the size of salaries have been scuppered by the Government, who have blocked a vote to approve the payments.

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Government stake blocks 200% RBS bonuses

The firm responsible for managing the Government's stake in Royal Bank of Scotland will vote down any resolution proposing bonuses of 200% of fixed pay, the part-nationalised bank has announced.

Royal Bank of Scotland was part-nationalised following the 2008 financial crisis. Credit: Philip Toscano/PA Wire

RBS said UK Financial Investments informed the bank of its opposition to a 2:1 variable-to-fixed pay ratio - which it described as the "sector norm" - and therefore the board will not bring the proposal before its annual general meeting.

"The board acknowledges that this outcome creates a commercial and prudential risk," it added.

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