Royal Bank of Scotland Group PLC shareholders rejected the 2008 pay package for its executives.

The vote, held Friday at Royal Bank's annual general meeting, was the first a listed U.K. banking company has lost on a remuneration report. While not legally binding, a 90.42% majority of shareholders voted down $10.7 million of pay for executive directors.

The shareholders also rejected pension arrangements for Sir Fred Goodwin, who stepped down as Royal Bank's chief executive officer in November, and Johnny Cameron, the departed head of investment banking activities, which generated the lion's share of the Edinburgh company's losses last year.

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