Ex-NatWest CEO to lose majority of £10m payout

Ex-NatWest CEO to lose majority of £10m payout

Dame Alison Rose

It has been revealed that the former CEO of RBS-owner NatWest Group, Dame Alison Rose will forfeit the majority of her £10 million potential payout following the scandal involving the closure of Nigel Farage’s account at the bank’s subsidiary, Coutts.

Ms Rose, who resigned in July after breaching data protection laws by disclosing Farage’s personal details, will still receive her basic salary and fixed share allowance, amounting to a seven-figure sum over her 12-month notice period, which ends on 26 July 2024.

The bank’s board, however, has decided against granting Ms Rose the discretionary elements of her remuneration package, which include millions in unvested share awards and a possible bonus for 2023. The total estimated value of the forfeited earnings is £7,579,604. Despite the controversy, no formal misconduct was found against Ms Rose by the bank.

NatWest Group, partially taxpayer-owned, has confirmed the payment of her contractual elements, totalling £1,748,142, for the remainder of her notice period. This includes her salary, fixed share allowance, pension, and agreed benefits as per the directors’ remuneration policy (DRP).

A settlement agreement includes a contribution towards Ms Rose’s legal fees and outplacement support, with a cap of £395,000 plus VAT for legal fees and £60,000 plus VAT for outplacement support.

The Information Commissioner’s Office (ICO), after initially indicating that Ms Rose had breached data protection laws, later apologised, clarifying that their investigation did not find Ms Rose in violation of the UK General Data Protection Regulation (GDPR) and regretted any misunderstanding caused.

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