LONDON — The Royal Bank of Scotland, Britain’s largest government-owned bank, said chief executive Stephen Hester has been awarded a stock bonus currently valued at $7.2 million under a long-term incentive plan.
The award comes on top of salary and a previous bonus, bringing his potential compensation for 2010 to more than $12.4 million.
The trade union Unite was quick to condemn Hester’s bonus. “While most taxpayers continue to suffer during tough economic times the top bankers . . . celebrate their ludicrous bonuses,’’ said the union’s general secretary, Len McCluskey.
RBS is 83 percent taxpayer owned after a state bailout.