RBS chairman Sir Philip Hampton: 'Why I turned down bonus'

The chairman of the Royal Bank of Scotland (RBS), Sir Philip Hampton, has defended his decision to award a bonus to chief executive Stephen Hester.

He said the board underestimated the reaction that later caused Mr Hester to turn down his bonus.

However, Sir Philip himself turned down £1.4m worth of RBS shares to which he was entitled.

He told the BBC's Robert Peston that was unusual for a chairman of a public company to take a bonus as it could undermine independence.