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Royal Bank Of Scotland, Cash Bonuses And Public Finances

EDM number 802 in 2009-10, proposed by Dai Davies on 04/02/2010.
Categorised under the topics of Financial institutions and Pay.

That this House is shocked and disturbed at the complete insensitivity of the senior management, including the chairman of the RBS remuneration committee, to press ahead with plans, set out in a letter to RBS shareholders on 1 February 2010, that would allow top performers to effectively collect large cash bonuses despite the publicly stated opposition to such payouts by the Chancellor of the Exchequer and the Financial Services Authority; believes that as 84 per cent. of RBS is owned by the taxpayer, the interests of the public should be represented by United Kingdom Financial Investments Ltd (UKFI) who are responsible for protecting the taxpayer's investments into RBS, to the RBS board; further believes the RBS proposed plan, that bonuses could initially be paid in shares which would be convertible to cash after just 12 weeks, is totally contrary to the Chancellor's stated desire to curb unjustified bonuses being paid by banks in which there is significant public ownership; and therefore calls on the Government to instruct UKFI to demand that the RBS chief executive, Stephen Hester, halt such unacceptable bonus plans, on penalty of dismissal if he fails to comply.

This motion has been signed by a total of 38 MPs.

Dai Davies04/02/2010Blaenau GwentIndependentProposed
Andrew Dismore05/02/2010HendonLabourSeconded
Gordon Prentice08/02/2010PendleLabourSeconded
Brian Iddon08/02/2010Bolton South EastLabourSeconded
Bob Spink08/02/2010Castle PointIndependentSeconded
Lindsay Hoyle08/02/2010ChorleyLabourSeconded
Lynne Jones08/02/2010Birmingham, Selly OakLabourSigned
Mark Durkan08/02/2010FoyleSocial Democratic and Labour PartySigned
Martin Caton09/02/2010GowerLabourSigned
Robert Wareing09/02/2010Liverpool, West DerbyIndependentSigned
Rudi Vis09/02/2010Finchley and Golders GreenLabourSigned
David Drew09/02/2010StroudLabourSigned
Nigel Dodds09/02/2010Belfast NorthDUPSigned
Jim Dobbin09/02/2010Heywood and MiddletonLabourSigned
Ann Cryer09/02/2010KeighleyLabourSigned
Alan Meale09/02/2010MansfieldLabourSigned
Kelvin Hopkins09/02/2010Luton NorthLabourSigned
Paul Holmes09/02/2010ChesterfieldLiberal DemocratSigned
Dennis Skinner10/02/2010BolsoverLabourSigned
Betty Williams10/02/2010ConwyLabourSigned
John Austin10/02/2010Erith and ThamesmeadLabourSigned
Janet Dean10/02/2010BurtonLabourSigned
Jeremy Corbyn10/02/2010Islington NorthLabourSigned
Gregory Campbell10/02/2010East LondonderryDUPSigned
William McCrea10/02/2010South AntrimDUPSigned
Jimmy Hood10/02/2010Lanark and Hamilton EastLabourSigned
David Simpson10/02/2010Upper BannDUPSigned
Michael Connarty22/02/2010Linlithgow and East FalkirkLabourSigned
George Galloway22/02/2010Bethnal Green and BowRespectSigned
John Leech22/02/2010Manchester, WithingtonLiberal DemocratSigned
Mark Williams22/02/2010CeredigionLiberal DemocratSigned
John Mason22/02/2010Glasgow EastScottish National PartySigned
Alan Simpson23/02/2010Nottingham SouthLabourSigned
David Hamilton24/02/2010MidlothianLabourSigned
Brian Jenkins25/02/2010TamworthLabourSigned
Alasdair McDonnell03/03/2010Belfast SouthSocial Democratic and Labour PartySigned
Bill Etherington03/03/2010Sunderland NorthLabourSigned
Gordon Marsden24/03/2010Blackpool SouthLabourSigned

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