The New Zealander leading one of Britain's largest banks has told the company's board he will hand back his $NZ2 million bonus, according to reports.
Ross McEwan joined the Royal Bank of Scotland in 2012 and was made its chief executive the following year. The bank is due to announce its latest financial results.
It was rescued by the British Government at the height of the financial crisis when it needed a $90 billion cash injection from taxpayers.
The Guardian reported Mr McEwan had told the board he did not want to be given his "role-based" shares incentive, which tops up his regular salary.
"He is still expected to be paid £2.7 million despite turning down the award," it said.
The bank has had a torrid time despite the help from taxpayers, being fined $5 billion last year for manipulation of the foreign exchange market and undergoing a number of restructures.