Bloomberg News

Osborne Vows to Use His ‘Power as Shareholder’ to Limit RBS Pay

January 12, 2012

Jan. 12 (Bloomberg) -- Chancellor of the Exchequer George Osborne said the British government will use its power as the largest shareholder in Royal Bank of Scotland Group Plc to limit bonuses.

“I’ve made it very clear to them,” Osborne said told ITV News, according to a transcript released by the broadcaster today. “I expect bonuses to be very much smaller in investment banking than they were last year.

‘‘I’m going to use my power as the shareholder to do what’s necessary, to make sure that bonuses at RBS’s investment bank are much lower than they were last year,’’ he said.

To contact the reporter on this story: Gonzalo Vina in London at gvina@bloomberg.net

To contact the editor responsible for this story: Jennifer M. Freedman at jfreedman@bloomberg.net


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