RBS investors urged to reject CEO pay deal

Shareholders at Royal Bank of Scotland have been urged to vote down a £3.6 million pay packet for the lender’s chief executive Ross Mcewan at a meeting next week.

Shareholder advisory firm PIRC branded the pay award as “excessive” and “inappropriate”, highlighting that Mcewan is paid 46 times more than the average bank employee.

It also took issue with the chief ’s total variable pay, which it calculated at 211.1 per cent of salary – surpassing a recommended 200 per cent limit.

As a result, the consultancy advised shareholders to reject the remuneration report when votes are cast at the majority taxpayer-owned bank’s annual general meeting next Thursday.

Meanwhile, the FTSE 100 achieved a fresh sixmonth high as investor sentiment reamined bullish on the back of Brexit delays.

London’s blue-chip index closed up 33.05 points at 7,469.92.

David Madden, market analyst at CMC Markets UK, said: “The fact that Brexit has been delayed, and the European Central Bank are willing to launch another round of targeted lending later this year has helped investor appetite.”

In company news, food delivery operator Just Eat has acquired Practi, a software service that supplies point-of-sale systems to independent eateries and small chain restaurants.

The delivery firm hopes that the £6.7 million deal will strengthen its relationship with restaurant partners.

The move follows its £22m purchase of software provider Flyt in January. Shares closed 5.8p higher at 738.8p.