* * *
* Search the Site *
 

New Window: Search Tips*New Window: Site Help*New Window: Branch/Office Locator*New Window: Enquiry/Feedback Forms
* * *
Logo: The Royal Bank of Scotland
New Window: Important Information

*Home > Group Information > Investor Relations > Financial Results > Results 2001 >  Report and Accounts > Renumeration report
*
* Financial Highlights * *
* Board of directors * *
* Chairman's statement * *
* Chief Executive's review * *
* Chief Executive's divisional review * *
* Corporate Banking and Financial Markets * *
* Retail Banking * *
* Retail Direct * *
* Manufacturing * *
* Wealth Management * *
* Direct Line Group * *
* Ulster Bank * *
* Citizens *
* Community * *
* Financial results * *
* Corporate governance * *
* Renumeration report * *
* Summary financial statement * *
* Summary directors' report * *
* Independent auditors' statement * *
* Summary consolidated profit and loss account - statutory basis * *
* Summary consolidated balance sheet * *
* Analyses of ordinary shareholders * *
* Shareholder information * *
* Directors' biographies * *
* Important addresses * *
*

 

 
*
*
Group Information

Remuneration report

Throughout the period, the Group has applied the Principles of Good Governance relating to directors’ remuneration as set out

in the Combined Code. The full Remuneration Report is contained in the Group’s 2001 Report and Accounts. The remuneration of each director for the year is summarised in the tables below.

Salary
£000		 Performance Total 2000
(15 months)
£000
Bonus*
£000		 Benefits
£000		 Total 2001
£000
Chairmen
Sir George Mathewson 431 34 18 483 2,215
Viscount Younger 81 — 2 83 379
           
Executive directors
Fred Goodwin 733 825 14 1,572 2,262
Lawrence Fish 637 1,563 13 2,213 1,347
Norman McLuskie 385 280 20 685 829
Gordon Pell 489 550 — 1,039 775
Iain Robertson 611 481 22 1,114 2,040
Fred Watt 395 280 15 690 176
  3,762 4,013 104 7,879 10,023

*includes profit sharing

Non-executive directors Board fees
Board committee
fees
£000		 committee
fees
2001		 Total
2000
(15 months)
Vice-chairmen
Sir Iain Vallance 100 — 100 88
Sir Angus Grossart 100 — 100 88
Emilio Botin 40 — 40 31
Jim Currie (appointment 28 November 2001) 3   3 —
Juan Inciarte 40 — 40 31
Eileen Mackay 40 13 53 40
Cameron McLatchie 40 — 40 31
Sir Steve Robson (appointent 25 July 2001) 17 3 20 —
Bob Scott (appointed 31 January 2001) 37 14 51 —
Murray Stuart 40 28 68 47
Peter Sutherland (appointed 31 January 2001) 37 — 37 —
Bill Wilson 40 33 73 57
  534 91 625 413

Aggregate emoluments of directors who served during the period was £8,504,000.

Long-term incentive schemes.

The following table shows details of awards made to the executive directors under long-term incentive schemes.

  Interest at start of year (units)
Awards granted during year Benefits received during year Interest at end of year (units)
No. of units Prices Vest date
Phantom 2000 plan        
Lawrence Fish — 1,000,000 US$0.32 1.1.04 — 1,000,000
Medium-term performance plan  
Fred Goodwin — 68,807 £16.35 31.12.03 — 68,807
Norman McLuskie — 36,697 £16.35 31.12.03 — 36,697
Gordon Pell — 45,871 £16.35 31.12.03 — 45,871
Iain Roberton — 57,339 £16.35 31.12.03 — 57,339
Fred Watt — 36,697 £16.35 31.12.03 — 36,697

Note:

In addition to the Phantom 2000 plan, Mr Fish also participates in the Citizens’ long-term incentive plan. Under this plan, awards are linked to three year performance targets based on Citizens’ budgets. A separate three year cycle commences each year. Mr Fish can receive a maximum award under the long-term plan of up to 105% of his average salary over the three year cycle.
   # Please see Important Information Logo: The Royal Bank of Scotland *