Sir Jackie Stewart is set to follow the example set by Scots tennis ace Andy Murray by relinquishing part of the payment he receives from the Royal Bank of Scotland following the bank’s financially shattering problems.
While Murray has stated he will take a pay cut to help out the institution which has supported his career since he was a 13-year-old, Stewart confirmed he will carry out his 2009 duties as global ambassador for RBS for free.
The triple Formula One world champion — a friend of Sir Fred Goodwin, the bank’s disgraced former chief executive, and reputed to be on an annual £4 million deal with the bank — has a contract with RBS which runs through 2011.
But the 69-year-old Scot has long-planned to make his own goodwill contribution to help the ailing RBS which is in the process of axing 30,000 jobs, recently announced losses of £28 billion and is now 70% owned by the taxpayer.
“We’ve been in discussions for quite some time now and I have made them a very generous offer,” Stewart said yesterday. “RBS and I get on very well, I have been there now since 2003 and I have a very good relationship with the bank.
“We have a contract and we have a relationship and I think you’ll find the bank is very satisfied with what I do for them. Nobody has come to me with regard to taking less money but I have made them an offer.”
That offer was confirmed by the bank in a statement which read: “Sir Jackie has offered to fulfil his contractual obligations in 2009 without payment, which RBS is very pleased to accept.
“In recognition of the changed financial and economic circumstances facing RBS, Sir Jackie Stewart has been in discussion with the group over a period of weeks about the remaining terms of his contract.
“Sir Jackie wants to help the bank with its new strategic objective of rebuilding standalone strength by serving its customers well, in the UK and globally, in the next three years.” And Stewart’s offer was praised by RBS head of communications, Andrew McLaughlin.
“His commitment and loyalty at such a challenging time in the company’s long history is greatly appreciated by everyone at RBS,” McLaughlin said.
RBS, which will also end its multi-million pound sponsorship of the Williams F1 team at the end of its current contract next year, has had its involvement in sports sponsorship come under major scrutiny in the media since the government pumped £33bn into it.
JM