RBS chief unapologetic over bonuses

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Lord Younger, chairman of the Royal Bank of Scotland, on Wednesday unapologetically justified the bank's controversial 2.5m (€4.04m) bonus awards to directors for the National Westminster takeover.

At the annual meeting in Edinburgh, Lord Younger insisted that last year's 21bn takeover of NatWest was an event worthy of special recognition.

He said that the board totally supports the principle that senior executives should be awarded for performance, addressing criticism from the National Association of Pension Funds (NAPF), Pirc, the corporate governance group and the Association of British Insurers (ABI).

The NAPF and Pirc had called on shareholders to vote two non-executive directors off the board.