Chairman Philip Hampton Bonus
January 30, 2012 by staff
Chairman Philip Hampton Bonus, The banking grandee, who took over the chairmanship of the 83pc state-owned bank in February 2009, will not now receive the signing-on bonus due under his contract.
The decision, which is believed to have been made in the past 10 days, puts him at odds with Mr Hester, chief executive of RBS, who is set to accept his bonus.
However, on Saturday night it remained unclear exactly how much of the potential £1.4m Mr Hampton would have received in any case.
Under the terms of his contract, he was awarded 5.17m shares in the troubled bank as part of a generous signing-on package agreed in a contract originally intended for Lord Davies, the former chief executive of Standard Chartered.
Based on RBS’s Friday night closing price of 27.74p, the shares could have been worth as much as £1.43m. But the exact conditions on which he would have received the shares – due to vest this year – are not known. Mr Hester’s 2009 long-term incentive plan, for example, did not deliver any value as the necessary conditions were not met.
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