Dame Alison Rose has given up £7.6 million after NatWest eliminated her bonus and share awards due to her involvement in the Nigel Farage debanking controversy.
On Friday, the bank’s board announced that they would not bestow the “good leaver” status on the former chief executive, Dame Alison, a status that would have secured her the entirety of her departure benefits.
The ex-leader of NatWest is set to lose £4.7 million in shares that had not yet vested and slightly over £2.8 million in potential variable remuneration.
Owned 40% by taxpayers, NatWest has been under significant pressure to reduce Dame Alison’s exit pay following her admission of sharing Mr. Farage’s confidential banking information with a reporter.
Dame Alison, who was at one point the top-ranking woman in the UK banking sector, had been in line to receive a leaving package valued at over £10 million, which would include her salary, bonuses, and equity.
She resigned in July after confessing to being the informant for a BBC report which alleged that Mr. Farage’s account at Coutts, a subsidiary of NatWest, was being terminated for not meeting the bank’s minimum wealth criteria.
NatWest has confirmed that Dame Alison will still receive £1.75 million during her notice period, which lasts until July 26, 2024. This sum includes her salary, a fixed share allowance, and a pension contribution amounting to 10% of her salary.
The bank clarified in a recent update on Friday that “NatWest Group has not found Ms. Rose guilty of any misconduct.”
Dame Alison commented, “I am satisfied that NatWest Group has determined there was no misconduct on my part. I have also agreed to the terms of the settlement agreement, which aligns with NatWest Group’s Compensation Policy, thereby resolving the issue.”
In accordance with the settlement reached, the bank will also cover up to £395,000 of Dame Alison’s legal costs and £60,000 for outplacement assistance.
