Former NatWest CEO Alison Rose is set to be awarded a £2.4 million compensation package despite her recent resignation. Her departure came after admitting to disclosing private banking information about Nigel Farage. Having served as CEO for a four-year tenure, Rose revealed her intention to step down on July 25th.
Her resignation followed a dispute over the closure of former UKIP leader Nigel Farage’s account with Coutts, a private bank under NatWest. Rose admitted to being the source behind an inaccurate financial story concerning Farage after conversing with a BBC journalist.
Presently, Rose is in the midst of her 12-month notice period within the banking group. NatWest has communicated that her proposed salary and bonus payments are under review in light of the ongoing investigation into her actions. As of Wednesday, the company disclosed its intention to compensate her with £1.15 million in annual salary, £1.15 million worth of NatWest shares vested over five years, and pension contributions totaling £115,566.
This compensation package amounts to approximately £2.4 million. Nigel Farage responded to the news with incredulity, stating that breaching client confidentiality, violating crucial FCA rules, and then misleadingly briefing the BBC should not lead to a £2.4 million payout. He decried the situation as an inconsistency in accountability.
NatWest issued a statement indicating that the notice period and associated payments for Rose will be continually evaluated in consideration of ongoing internal and external investigations into the account closure at Coutts and related events. Decisions about these payments, alongside other remuneration matters, will be made based on investigation outcomes. The firm also clarified that the potential to “claw back” bonus payments will apply to Rose.
Paul Thwaite, who will assume leadership from Rose for the coming year, will receive a slightly lower salary. NatWest disclosed that Thwaite will earn a fixed salary of £1.05 million for the year, along with an additional £10.5 million in NatWest shares, vesting over a five-year period.