This photo of Aug. 24 2010 shows Royal Bank of Scotland, RBS, CEO Stephen Hester in Glasgow, Scotland. Royal Bank of Scotland chief executive Stephen Hester will not be accepting a 1 million pound ($1.5 million) bonus that drew criticism from British public and politicians, the bank said Sunday Jan. 29, 2012 The British government spent 45 billion pounds bailing out RBS three years ago. It still owns an 82 percent stake, and politicians had criticized the reward at a time when Britons face painful spending cuts and tax hikes. (AP Photo/Danny Lawson/PA Wire) UNITED KINGDOM OUT
This photo of Aug. 24 2010 shows Royal Bank of Scotland, RBS, CEO Stephen Hester in Glasgow, Scotland. Royal Bank of Scotland chief executive Stephen Hester will not be accepting a 1 million pound ($1.5 million) bonus that drew criticism from British public and politicians, the bank said Sunday Jan. 29, 2012 The British government spent 45 billion pounds bailing out RBS three years ago. It still owns an 82 percent stake, and politicians had criticized the reward at a time when Britons face painful spending cuts and tax hikes. (AP Photo/Danny Lawson/PA Wire) UNITED KINGDOM OUT
People walk by the offices of RBS, Royal Bank of Scotland, in the City of London, Friday, Jan. 27, 2012. RBS bank's board of directors have awarded the bank's CEO Stephen Hester 3.6 million shares for his work over the last year, worth about 963,000 pounds ($1.5 million) based on Thursday's closing share price, although 82 percent of the bank is owned by the British government after recent financial bailouts.(AP Photo/Sang Tan)
A sign of RBS, Royal Bank of Scotland, is seen at its office in the City of London, Friday, Jan. 27, 2012. RBS bank's board of directors have awarded the bank's CEO Stephen Hester 3.6 million shares for his work over the last year, worth about 963,000 pounds ($1.5 million) based on Thursday's closing share price, although 82 percent of the bank is owned by the British government after recent financial bailouts.(AP Photo/Sang Tan)
LONDON (AP) ? British politicians and a union leader have welcomed the decision by the chief executive of Royal Bank of Scotland to refuse his bonus for last year.
The gesture did nothing for the bank's share price, however. It was down 2.4 percent at 27 pence in early trading Monday.
The bank announced Sunday that CEO Stephen Hester would not accept a bonus of 3.6 million shares, currently worth nearly 1 million pounds (around $1.6 million).
Senior politicians had piled pressure on Hester to refuse the bonus, and RBS chairman Philip Hampton earlier announced he wasn't taking his bonus.
Unite union official David Fleming said RBS employees would be thinking: "better late than never."
Foreign Secretary William Hague said Hester's decision was "sensible and welcome."
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