The Royal Bank of Scotland (RBS) has said 99 per cent of its shareholders who voted at its annual general meeting (AGM) approved its remuneration report.
RBS awarded £607 million ($925 million) in staff bonuses in the same year that it recorded a loss of £5.2 billion and there had been warnings shareholders would not approve of the move.
However, the bank, which is 81 per cent owned by the UK government, argued it is starting to gain momentum and all resolutions put in place had been passed.
Ahead of the AGM, shareholder advisory body PIRC called for investors to reject the pay report over the excessive rewards.
"The bottom line is that the bank, similarly to its major competitors, has a remuneration structure which can lead to excessive pay," it said in a statement.
RBS has said it should be ready to make a return to the private sector by 2014, after it received a large bailout in the wake of the financial crisis.
By Tony Aynsley