RBS board may resign if bonuses are vetoed

The directors of the Royal Bank of Scotland are threatening to quit if the Treasury blocks its plans to pay out increased bonuses, it has been reported.

Chancellor Alistair Darling has indicated he may be prepared to veto the size of payouts at RBS, which is 84 per cent state-owned. The bank plans to pay £1.5 billion to staff in its investment arm, with a bonus pool that is 50 per cent larger than last year.
 

It’s untenable to have a normal retirement age in public-sector schemes that is significantly different from the state retirement age

Brian Bailey, Director of pensions, West Midlands Pension Fund and member of High Pay Commission