28 January 2012 Last updated at 12:37 GMT 
Sir Philip said it would not be appropriate to get a bonus
Earlier, Labour leader Ed Miliband urged ministers to block the £963,000 bonus for RBS chief Stephen Hester.
But Chancellor George Osborne has ruled out voting against it at April's AGM.
He told the BBC's economics editor, Stephanie Flanders, that it would be an inappropriate use of the government's 82% shareholding, just as it would have been inappropriate to intervene in setting the size of his bonus in the first place.
Ministers have previously said their hands are tied and the contract was agreed by the last Labour government.
The bank's decision to offer Mr Hester share options worth nearly £1m, has been widely criticised.
In a written statement released on Saturday, the Labour leader said: "Rather than defend his decision to nod through a one million pound bonus for Stephen Hester, the prime minister has gone to ground.
"My message to him is - you've got another chance. At the AGM in April the government as the majority shareholder in RBS will have to decide how to vote on the bonus. They should vote it down."
The pay award has sparked anger across the political spectrum with one Lib Dem minister calling for Mr Hester to waive the payment and Conservative Mayor of London Boris Johnson urging the government to "step in".
But No 10 has said the proper processes were followed and it was up to Mr Hester to decide whether to accept
The contract agreed in 2009 meant Mr Hester was entitled to be considered for a bonus, a spokesman said.
Mr Osborne said on Friday that the alternative, for the government to take over complete ownership of RBS and to overrule the board, would ultimately have cost the taxpayer more.
The bonus is not payable for three years, when the final amount will be determined by the firm's share price.
Several City and business analysts have said Mr Hester is entitled to receive a bonus for his performance.
Conservative MP Mark Field said Mr Hester should not be "vilified" as he was responsible for managing £45bn of public money. COPIADO : www.bbc.co.uk/news/uk-politics
RBS chairman rejects £1.4m bonus
Sir Philip said it would not be appropriate to get a bonus The Royal Bank of Scotland chairman, Sir Philip Hampton, has given up a £1.4m shares reward he was due later this year, the BBC has learnt.
Sir Philip told the bank's remuneration committee it would not be appropriate to receive the 5.17 million shares, says the BBC's Robert Peston.Earlier, Labour leader Ed Miliband urged ministers to block the £963,000 bonus for RBS chief Stephen Hester.
But Chancellor George Osborne has ruled out voting against it at April's AGM.
He told the BBC's economics editor, Stephanie Flanders, that it would be an inappropriate use of the government's 82% shareholding, just as it would have been inappropriate to intervene in setting the size of his bonus in the first place.
Ministers have previously said their hands are tied and the contract was agreed by the last Labour government.
The bank's decision to offer Mr Hester share options worth nearly £1m, has been widely criticised.
In a written statement released on Saturday, the Labour leader said: "Rather than defend his decision to nod through a one million pound bonus for Stephen Hester, the prime minister has gone to ground.
Continue reading the main story 
The additional reward for Sir Philip was always something slightly unusual, which - as it happens - he didn't request when he took the job three years ago.
This shares incentive had already been agreed in negotiations with another candidate to chair RBS.
Analysis
This shares incentive had already been agreed in negotiations with another candidate to chair RBS.
"Freezing the pay of a nurse or hospital porter, while allowing a publicly owned bank to pay million pound bonuses, is the last nail in the coffin of this prime minister's claim that we're all in it together.
"Having spent weeks boasting he would block bonuses, David Cameron refuses to even publicly explain why he has changed his mind."My message to him is - you've got another chance. At the AGM in April the government as the majority shareholder in RBS will have to decide how to vote on the bonus. They should vote it down."
The pay award has sparked anger across the political spectrum with one Lib Dem minister calling for Mr Hester to waive the payment and Conservative Mayor of London Boris Johnson urging the government to "step in".
But No 10 has said the proper processes were followed and it was up to Mr Hester to decide whether to accept
The contract agreed in 2009 meant Mr Hester was entitled to be considered for a bonus, a spokesman said.
Continue reading the main story 
George Osborne has just told me the government will not vote against Stephen Hester's bonus as a shareholder at the April AGM.
Ed Miliband had thrown down the gauntlet on this today, but the chancellor has declined to pick it up.
Analysis
Ed Miliband had thrown down the gauntlet on this today, but the chancellor has declined to pick it up.
"That process was established by the previous government and that process is reflected in a bonus which is less than half the bonus Stephen Hester was paid last year.
"The public sector shareholder has taken a keen interest in this and has had an influence on it."Mr Osborne said on Friday that the alternative, for the government to take over complete ownership of RBS and to overrule the board, would ultimately have cost the taxpayer more.
The bonus is not payable for three years, when the final amount will be determined by the firm's share price.
Several City and business analysts have said Mr Hester is entitled to receive a bonus for his performance.
Conservative MP Mark Field said Mr Hester should not be "vilified" as he was responsible for managing £45bn of public money. COPIADO : www.bbc.co.uk/news/uk-politics
Nenhum comentário:
Postar um comentário