Changes to Composition of Rem

RNS Number : 5962M

Royal Bank of Scotland Group PLC

26 May 2010

 

26 May 2010

RBS announces changes to composition of Group Remuneration Committee

RBS announces that, as previously indicated, there will be a change to the Chairmanship of its Group Remuneration Committee. Colin Buchan will step down as Chair and member of the Group Remuneration Committee and Penny Hughes, currently a member of the Group Remuneration Committee, will succeed Mr Buchan as Chair. These changes will be effective from 1 June 2010.  Mr Buchan will continue as a member of the Board Risk Committee, Group Audit Committee and Nominations Committee.

For further information contact:

Group Media Centre                                    [phone]

Notes to Editors:

Colin Buchan was appointed to the Group Board in June 2002 and has been Chairman of the Group Remuneration Committee since February 2009. He has considerable international investment banking experience, as well as experience in very large risk management in the equities business. He is chairman of Standard Life Investments Limited and a director of Standard Life plc and Black Rock World Mining Trust Plc. Colin is a fellow of the Chartered Institute of Bankers of Scotland. During his period as Chairman of the Group Remuneration Committee a new Long Term Incentive Plan and a new Deferral Plan were introduced, both of which achieved overwhelming shareholder support. The Remuneration Report for the year ended 31 December 2009 was approved by over 99% of shareholders at the Group's Annual General Meeting in April 2010.

Penny Hughes joined the Board on 1 January 2010 and is currently a member of the Group Remuneration Committee. Penny is also currently non-executive director of Home Retail Group plc, WM Morrisons Supermarket PLC and Cable & Wireless Worldwide PLC. Penny also chairs the Remuneration Committee of Home Retail Group. Penny was a director and chair of the Remuneration Committee of Skandinaviska Enskilda Banken AB until stepping down on 20 October 2009.

 

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