eFinancialCareers

With Standard Life searching for at least four new non-executive directors, our research suggests Scots non-execs can now earn just as much as their English counterparts.

Non-executive directors at Scotland's largest listed financial companies are paid handsomely. Those at Royal Bank of Scotland and HBoS receive a standard £55,000 and £50,000 respectively for their services. And last year, most RBS non-executive directors were paid another £25,000-£50,000 for sitting on additional group committees.

This is a lot more than non-execs at the average FTSE 100 firm are getting. Research from Income Data Services found typical pay for a FTSE non-exec was £48,000 last year.

And it seems pay is on the way up. Standard Life's existing non-executive directors saw their fees rise between 25-30% in 2005, a move the group attributed to its change from a mutual to a listed company.

However one competitor believes the hike is also indicative of the growing prominence of Scotland as a financial centre. She said: "Many of Scotland's banks, insurers and fund mangers are now really big players. RBS is not just Scotland's biggest company but one of the UK's so you would expect pay to be on a par.

"On top of that, over the last few years have also seen more onerous requirements for sitting as a non-executive and it is only fair that people are properly rewarded for taking on this extra burden."