RBS chief executive Ross McEwan to hand back £1m pay incentive

Ross McEwan still expected to earn 2.7m despite declining the 'role-based' payment which has become a common means of sidestepping bonus caps

The chief executive of Royal Bank of Scotland (RBS) has said he will hand back 1m of his annual pay package.

Ross McEwan told the bank's board he did not want to receive the "role-based" shares incentive, which tops up his regular salary. He is still expected to be paid 2.7m despite turning down the award.