RBS faces top-pay revolt

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Royal Bank of Scotland will this week face its biggest test since last year's acquisition of NatWest when it faces a shareholder revolt against a lucrative pay scheme for directors.

The National Association of Pension Funds (NAPF), which represents some of RBS's biggest shareholders, is demanding the resignation of Sir Angus Grossart and Sir Iain Vallance from the board, after a dispute about takeover bonuses worth 2.5m (€3.98m) awarded to directors last year.

Both sit on the remuneration committee that awarded the bonuses.

The controversy is expected to be fuelled by the committee's decision to grant share options to Sir George Mathewson, deputy chairman, in the wake of the NatWest merger.

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