State-backed Royal Bank of Scotland (RBS.L) has awarded shares worth more than 3.3 million pounds ($5.2 million) to 10 executives under new “role-based” pay awards it brought in to avoid limits on annual bonuses. Under new European Union rules, which applied to awards handed out from early 2015, bankers’ bonuses can be no higher than fixed pay, or twice that level with shareholder approval. Executive pay at RBS remains under heavy scrutiny after the government made a 1.1 billion-pound loss on its first sale of shares in the bank earlier in August, with more losses expected on later sales.