LONDON Investor advisory firm Institutional Shareholder Services has advised shareholders in Royal Bank of Scotland (RBS.L) to vote against its remuneration policy next week because it is unclear how bonuses will be paid out to senior directors.
The group, which advises institutional investors, raised concerns about what will qualify Chief Executive Ross McEwan and Chief Financial Officer Ewen Stevenson to earn payouts even though the size of potential bonuses are being cut.
The firm said that the reduction in bonuses available to McEwan and Stevenson was not enough to offset "uncertainty around how performance will be assessed."
RBS will hold its annual general meeting in Edinburgh on May 11.
(Reporting By Andrew MacAskill, Editing by Lawrence White)