Reject RBS pay deal, investor group says Pensions & Investment Research Consultants (Pirc) has urged investors to reject the remuneration report, "notwithstanding the chief executive's forfeiture of his bonus," because the awards "notably under the long term incentive scheme are believed to be excessive." Stephen Hester waived his £963,000 share-based bonus earlier this year amid a political storm, leaving him with his £1.2m salary, but his colleagues still pocketed big pay-outs. Following the outcry over Mr Hester's bonus, the board has committed to reviewing the pay plan for next year. The Association for British Insurers has cleared RBS's pay report. The governance group also raised concerns about "dysfunctional" accounting standards used by the 82pc taxpayer-owned bank. Pirc said that the rules meant that "profits are overstated by at least £10bn." Investors have been advised to remove Brendan Nelson, chairman of the audit committee, due to his previous "key role at KPMG, a firm which audited several banks that failed," and Deloitte, the auditors, over potential conflicts of interest.