NatWest has disclosed that its former CEO, Dame Alison Rose, is poised to receive a substantial pay package of £2.4 million.
This announcement comes a month after her resignation amid a controversy involving the closure of Nigel Farage’s account.
The bank has confirmed its intention to continuously assess the planned pay and bonus allocations for Dame Alison Rose in light of ongoing investigations pertaining to her actions in the Nigel Farage account dispute.
Having led the company for a four-year tenure as chief executive officer, Dame Alison Rose stepped down on July 25 in the wake of the controversy surrounding the closure of former Ukip leader Mr. Farage’s account with Coutts, a private bank affiliated with NatWest.
Her resignation followed her admission of providing inaccurate information to a BBC journalist regarding Mr. Farage’s financial situation.
Currently in the process of serving her 12-month notice period within the banking group, Dame Alison Rose has been outlined to receive a compensation package consisting of £1.155 million in annual salary, £1.155 million in NatWest shares to be distributed over a five-year span, and pension contributions amounting to £115,566.
The total value of this pay arrangement adds up to approximately £2.43 million.
In an official statement, NatWest elaborated on the compensation package, stating, “Ms. Rose’s notice period and the associated payments will be subject to ongoing review.
This review will consider both internal and external investigations related to the account closure proceedings at Coutts and the events connected to it.
Decisions about these compensatory awards, in addition to other matters related to remuneration, will be made with careful consideration of the findings from the investigations, as deemed appropriate.”
The bank also clarified that policies facilitating the potential “claw back” of bonus payments will be applicable to the former CEO.
Moreover, NatWest disclosed that Paul Thwaite, set to assume the role of CEO in place of Dame Alison Rose for the forthcoming year, will be receiving a marginally reduced salary compared to his predecessor.
Mr. Thwaite’s fixed salary for the year is stipulated at £1.05 million, accompanied by an additional £10.5 million in NatWest shares that will be distributed over a five-year period.
World News