Royal Bank of Scotland's ( RBS) CEO won't be getting any of his £2.4 million bonus in cash under new government plans, according the Mirror.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

The UK paper said Stephen Hester will get his bonus in shares instead.

Furthermore, he wouldn't be able to cash in on the bonus until years later, according to the report.

The new plan was devised by the government and RBS' board, the Mirror said.

This, as heads of the Treasury held meetings with banks such as partially government-owned RBS, Lloyds ( LYG) and HSBC to help pacify public anger over bank bonuses.

The paper noted that both Hester and Barclays' ( BCS) former CEO John Varley waived their annual bonuses last year.

If you liked this article you might like

BlackRock to Pay Costs of External Research Per New EU Rules

Big Companies Say They Favor Diversity, Most Refuse to Prove It

China Communist Party Has Just Become Besties With Hong Kong

Hong Kong Investors Now Have a Comrade Shareholder: the Communist Party

What Mutual Fund Mark-Downs Say About Uber