RBS Chief Executive Officer Gets 1.6 Million-Pound Stock Award

Royal Bank of Scotland Group Plc (RBS) awarded Chief Executive Officer Stephen Hester 1.6 million pounds ($2.5 million) of shares under a long-term incentive plan, a person with knowledge of the matter said.

He would only receive the stock in 2015 subject to how the bank performs in the meantime, said the person, who declined to be identified before a public announcement.

Hester in January waived his 963,000-pound bonus for 2011 after the U.K.’s opposition Labour Party said it would ask Parliament to vote on the award.

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net