The Royal Bank of Scotland (RBS) has awarded a share allowance package worth £200,000 to group chief administrative officer, Simon McNamara, who is responsible for IT at the company.
It means that McNamara has been awarded over £600,000 so far this year, as banks attempt to circumvent an EU cap on bank bonuses by paying out company shares.
RBS revealed that its top 10 executives received a total of approximately £1.9 million for the last four months of 2014, including 50,987 shares for McNamara at a market price of £3.9226. It follows a total of £3.5 million handed out to 10 executives in August, of which McNamara was given £400,000.
It was announced earlier this year that McNamara would be awarded a maximum of 533,863 shares that will be eligible to vest (that he can take action with) on 7 March 2017 “subject to the achievement of performance conditions”. Using the market share price at the time of £3.278, this equalled approximately £1.75 million.
RBS, which is 81 percent owned by the taxpayer, is in the process of reducing its technology platforms by 50 percent in a bid to lower costs by £1.1 billion in IT and operations.
The bank is also improving the resilience of its systems after significant problems with its legacy IT that has led to a number of high profile outages in the past, including a 2012 failure which resulted in a £56 million fine by regulators last month.
McNamara joined RBS in September 2013 from Standard Chartered Bank Consumer Bank, where he was CIO since 2008. He has also been CIO at Westpac Bank and Deutsche Bank.
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