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Support for remuneration policy in Royal Bank of Scotland

Voting intention 9 May 2017

Norges Bank Investment Management will vote in favour of the remuneration policy, and all other resolutions put for shareholder approval at the annual general meeting of Royal Bank of Scotland.

Norges Bank Investment Management's rationale

The Board of Directors of Royal Bank of Scotland Group Plc suggests to further simplify the executive compensation framework, in addition to reducing maximum award levels.

We commend the Board’s willingness to challenge conventional thinking on remuneration. The Board’s proposal to change the remuneration structure to be simpler, with greater long-term alignment to shareholders and with executive directors having significant alignment in shares both during and after employment, is in broad harmony with the fund’s published position paper on CEO remuneration. 

Position paper on CEO remuneration

Royal Bank of Scotland Group Plc resolutions

PROPOSAL

ISSUE

BOARD RECommendation

VOTing INTENTION

1

Accept Financial Statements and Statutory Reports

For

For

2

Approve Remuneration Policy

For

For

3

Approve Remuneration Report

For

For

4

Re-elect Howard Davies as Director

For

For

5

Re-elect Ross McEwan as Director

For

For

6

Re-elect Ewen Stevenson as Director

For

For

7

Re-elect Sandy Crombie as Director

For

For

8

Elect Frank Dangeard as Director

For

For

9

Re-elect Alison Davis as Director

For

For

10

Re-elect Morten Friis as Director

For

For

11

Re-elect Robert Gillespie as Director

For

For

12

Re-elect Penny Hughes as Director

For

For

13

Re-elect Brendan Nelson as Director

For

For

14

Re-elect Baroness Noakes as Director

For

For

15

Re-elect Mike Rogers as Director

For

For

16

Elect Mark Seligman as Director

For

For

17

Reappoint Ernst & Young LLP as Auditors

For

For

18

Authorise the Group Audit Committee to Fix Remuneration of Auditors

For

For

19

Authorise Issue of Equity with Pre-emptive Rights

For

For

20

Authorise Issue of Equity without Pre-emptive Rights

For

For

21

Authorise Issue of Equity without Pre-emptive Rights in Connection with an Acquisition or Other Capital Investment

For

For

22

Authorise Issue of Equity in Relation to the Issue of Equity Convertible Notes

For

For

23

Authorise Issue of Equity without Pre-emptive Rights in Connection with the Issue of Equity Convertible Notes

For

For

24

Authorise the Company to Call General Meeting with Two Weeks' Notice

For

For

25

Authorise EU Political Donations and Expenditure

For

For

26

Authorise Market Purchase of Ordinary Shares

For

For

27

Approve Cancellation of Share Premium Account and Capital Redemption Reserve

For

For

28

Approve Sharesave Plan

For

For

 

Important legal notice

Norges Bank Investment Management’s approach to responsible investing includes disclosing our voting decisions, in some cases in advance of the relevant meeting. This is only intended to provide information and is not solicitation or encouragement as to how others should vote. This disclosure is not investment research, advice or recommendation. Norges Bank Investment Management’s voting intention is an internal decision and has not been agreed with other shareholders. This disclosure reflects Norges Bank Investment Management’s intention as at the date of publication but such intention is subject to change at our discretion. Norges Bank Investment Management is not subject to any prohibition on dealing after the publication of this disclosure. Norges Bank Investment Management’s holdings available for voting from time to time may differ from those set out in lists of holdings as of year-end.