Commentary by The Economist : Royal Bank of Scotland was embroiled in more controversy over executive pay when it emerged that Stephen Hester, its chief executive, would receive a compensation package worth up to £9.6m ($15.8m). The package was backed by the bank’s institutional shareholders to “incentivise” Mr Hester. His predecessor, Sir Fred Goodwin, only recently agreed to return half of his £700,000 annual pension after a public outcry.
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