NatWest has eliminated over £7.5 million from former chief executive Alison Rose’s payout following her resignation, which was prompted by the controversial closure of Nigel Farage’s bank accounts.
The incident that led to Rose’s departure involved allegations by Conservative party leaders regarding being denied bank accounts and having accounts terminated by major financial institutions. NatWest acknowledged its mistakes in relation to Farage’s case, and the Financial Conduct Authority (FCA) is currently conducting an investigation.
The NatWest board announced that £4.7 million in future unvested share awards will not be disbursed following her resignation. Additionally, Rose will not receive a bonus or share-based pay awards for this year, totaling £2.8 million.
According to the Guardian, NatWest stated, “Following the announcement that Ms. Rose stepped down from her role by mutual agreement, it has been confirmed that good leaver status is not applicable under the relevant share plan rules. No finding of misconduct has been made against Ms. Rose by NatWest Group.”
The forfeited unvested share awards, bonuses, and compensation amount to £7.58 million.
Despite the loss of millions in unvested shares, Rose is still set to receive a pay package of £2.4 million, following a payout of £5.2 million in 2022. She remains eligible for a share-based award worth £850,000 next April, as her contract extends beyond July.
Additionally, NatWest will cover up to £546,000 for Rose’s legal fees and support as she seeks new employment.
Rose remarked, “I am pleased that NatWest Group has confirmed that no findings of misconduct have been made against me. I can also confirm acceptance of the terms of the settlement agreement, which is in line with NatWest Group’s remuneration policy, bringing the matter to a close.”