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Norway’s sovereign wealth fund backs RBS new remuneration policy

Norway’s sovereign wealth fund backs RBS new remuneration policy

OSLO: Norway’s $938-billion sovereign wealth fund, the world’s largest, will vote in favour of Royal Bank of Scotland’s new remuneration policy, the fund said on Tuesday.

The bank plans to simplify the executive compensation framework and to reduce maximum award levels, in line with the wealth fund’s broader policy on remuneration.

“We commend the (RBS’s) Board’s willingness to challenge conventional thinking on remuneration,” the fund said in a statement.