RBS chairman backs high executive pay
The chairman of the Royal Bank of Scotland has spoken out against recent criticism of high executive pay.
At the Institute of Directors centenary conference, RBS chairman George Mathewson said ‘fat cat’ pay was in most instances justified.
He said: ‘Where real value has been added to the company by an executive, then there should be high remuneration. Good executives are hard to find.’
In defense of high payoffs for failed executives, Mathewson said the prospect of high remuneration pay must have been there to attract the executive in thefirst place.
‘To leave a high paid job is a risky decision,’ he said but added ‘You must get the best person for top jobs, that is your duty to shareholders.’