RBS Insurance chief executive Paul Geddes has netted £74,000 after selling bonus shares awarded to him under a group-wide scheme.
Royal Bank of Scotland (RBS) granted £2.7m worth of bonus shares to its top executives, according to a stock market announcement released yesterday. The shares were a deferred part of an earlier bonus scheme.
Geddes was one of four RBS executives who opted to sell the bonus shares immediately. Others included John Hourican, head of RBS’s investment banking division, Chris Sullivan, head of the group’s corporate bank, and Nathan Bostock, who is responsible for restructuring and risk.
RBS revealed in its 2010 annual report in March that Geddes stands to receive a total remuneration package of £1.9m if he hits targets. The amount comprises a £400,000 annual performance payout at £1.5m worth of shares maturing in three years.
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