RBS chief executive Stephen Hester has waived his £1m bonus in lieu of a hundred thousand £10 Marks and Spencer vouchers.
Hester has declined the 3.6 million shares offered to him by the board but said that he would appreciate the chance to buy “a substantial number” of Cashmilon V-neck long-sleeved jumpers, among other items.
He told The Daily News: “This is not a cynical ruse to get round the problem.
“I really honestly could do with 50,000 pairs of leather, two-tone Oxford shoes by Autograph and at least that many stripey Blue Harbour polo shirts. The ones with the cool badges on the front.”
Chancellor George Osborne said: “It is only right that Stephen Hester be properly rewarded with those nice V-neck white T-shirts and some Collezione Luxury Pure Wool Flat Front Trousers.
“The people of Britain are rightfully angered about the bailout of RBS but I am sure no-one would begrudge him a few thousand Limited Collection Twist Yarn Slim Fit Jumpers with Mohair at this cold time of year.
“After all, you wouldn’t expect the chief executive of Sainbsury’s to be rewarded with a blue Merino wool cardigan from TK Maxx.
“Stephen’s got a tough job but it’s going to be even tougher without some quality knitwear. We don’t have to spend a fortune – M&S’s Blue Harbour range offers clean, considered style, where casual can still mean smart.”
However, Hester is also eligible for certain other types of rewards, including 4,000 KFC club cards and 25,000 stamped Caffe Nero loyalty cards.
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