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NatWest Group is to scrap the bulk of a possible £10 million-plus payout to Dame Alison Rose, its former chief executive, as it draws a line under the debanking row caused by the closure of Nigel Farage’s Coutts accounts.
Cumulatively, the value of lapsed unvested share awards and the bonus or variable remuneration for 2023 that Rose will forgo totals £7,579,604
Rose stepped down in July after disclosing personal details about Farage’s account with the NatWest subsidiary Coutts to a BBC reporter when they sat next to each other at a dinner.
The bank, which is just under 40 per cent-owned by taxpayers, announced this morning that the board has decided not to pay most of the discretionary elements of Rose’s pay package.
Rose, 54, had a contract that included a 12-month notice period and stipulated that she would receive an annual salary of £1.16 million, with a further sum of the same amount in deferred share awards.
The board’s decision means Rose will forfeit millions of pounds in unvested share awards, although she is expected to receive a seven-figure sum in the form of her basic salary and fixed share allowance. Her legal fees are also expected to be paid by the bank.
Last month the Information Commissioner’s Office ruled she had twice breached data protection laws when she told the reporter about the closure of the former Ukip leader’s account.