NatWest has scrapped over £7.5 million of former chief executive Alison Rose’s payout following her forced resignation due to the shutdown of Nigel Farage’s bank accounts.
The scandal that led to Rose’s resignation was linked to Conservative party leaders alleging being denied bank accounts and having accounts deleted by major banking institutions. NatWest admitted to wrongdoing in Farage’s case, and the FCA is conducting further investigation.
The NatWest board stated that £4.7 million worth of future unvested share awards would not be paid out following her resignation. Rose will also not be receiving a bonus or share-based pay awards this year for £2.8 million.
According to the Guardian, NatWest commented: “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 lapsed unvested share awards, bonus, and compensation for the year added up to £7.58 million.
Rose is still expected to receive a pay package of £2.4 million, after receiving £5.2 million in 2022. Rose will be forced to lose millions in unvested share awards, however, she is still eligible to receive a share-based award worth £850,000 next April as her contract will not end in July.
NatWest will also be paying up to £546,000 to Rose’s legal feels and support as she looks for a new job.
Rose stated: “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.”