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15/01/2014
Chancellor Urged To Block RBS Bonuses
The Royal Bank of Scotland should be stopped from paying bonuses of up to double its bankers annual salary, Labour has said.
The chancellor George Osborne has been urged to block an attempt by RBS to use an EU rule that would allow it to pay bonuses up to that limit if agreed by shareholders.
It is understood that a Commons motion has been tabled by Labour, calling on the government, RBS's biggest shareholder, to reject the move by the bank.
The EU allows bonuses to be paid to the equivalent of one years salary, but does also allow for this to be increased with shareholder approval.
(MH/IT)
The chancellor George Osborne has been urged to block an attempt by RBS to use an EU rule that would allow it to pay bonuses up to that limit if agreed by shareholders.
It is understood that a Commons motion has been tabled by Labour, calling on the government, RBS's biggest shareholder, to reject the move by the bank.
The EU allows bonuses to be paid to the equivalent of one years salary, but does also allow for this to be increased with shareholder approval.
(MH/IT)
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