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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  The Royal Bank of Scotland Group plc    RBS   GB00B7T77214

THE ROYAL BANK OF SCOTLAND GROUP PLC

(RBS)
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Santander UK latest bank to cut CEO pension perks

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12/10/2019 | 04:48am EST
Signage for Santander bank in London

Santander's UK chief executive Nathan Bostock will have his pension allowance cut from next year, as the bank becomes the latest to bow to investor pressure to rein in executive pension perks.

Bostock's pension allowance - which was worth 588,000 pounds ($754,404.00) last year - will be reduced from 35% of his base pay to 22% in 2020 and to 9% in 2021, a source familiar with the matter said. That will equate to a cut of more than 400,000 pounds over the two years.

He received a total pay package worth 6.4 million pounds in 2018, including a final 1.8 million pound payment for share awards he gave up when he left Royal Bank of Scotland in 2013.

Santander's move comes as rivals including HSBC and RBS have already cut executive pension perks this year to meet corporate governance guidelines, while others including Barclays and Lloyds have plans to do so.

Details of Santander UK's planned cuts were first reported by The Financial Times.

(Reporting by Iain Withers; editing by Mike Harrison)

Stocks mentioned in the article
ChangeLast1st jan.
BANCO SANTANDER, S.A. -1.13% 3.577 End-of-day quote.-4.10%
BARCLAYS PLC 0.23% 174.76 Delayed Quote.-2.72%
HSBC HOLDINGS PLC -0.86% 579.5 Delayed Quote.-1.81%
LLOYDS BANKING GROUP -0.72% 57.98 Delayed Quote.-7.06%
THE ROYAL BANK OF SCOTLAND GROUP PLC -0.89% 222.7 Delayed Quote.-7.32%
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Financials (GBP)
Sales 2019 12 538 M
EBIT 2019 5 147 M
Net income 2019 2 690 M
Debt 2019 -
Yield 2019 10,5%
P/E ratio 2019 9,51x
P/E ratio 2020 10,1x
Capi. / Sales2019 2,15x
Capi. / Sales2020 2,19x
Capitalization 26 895 M
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Mean consensus HOLD
Number of Analysts 22
Average target price 254,49  GBp
Last Close Price 222,70  GBp
Spread / Highest target 83,2%
Spread / Average Target 14,3%
Spread / Lowest Target -5,70%
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Managers
NameTitle
Alison Marie Rose-Slade Chief Executive Officer
Howard John Davies Chairman
Mark Bailie Chief Operating Officer
Katie Murray Chief Financial Officer & Executive Director
Brendan R. Nelson Independent Non-Executive Director
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