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Despite the scandal involving the closure of Nigel Farage’s bank accounts, Dame Alison Rose, former CEO of NatWest, is still eligible for a pay package of at least £2.4 million.
The decision on whether to award her any bonuses for 2023 is still pending. However, if Rose serves a full 12-month notice period, she will be entitled to a significant portion of her previously announced pay deal.
Last month, Rose, one of the highest-paid women in corporate Britain, resigned from the UK high street bank following Farage’s complaint about his treatment by NatWest’s subsidiary Coutts.
Documents obtained by Farage revealed that Coutts had considered his political views before closing his accounts. During the ensuing controversy, Rose admitted suggesting that the decision was made for commercial reasons during an interview with a BBC journalist.
NatWest, which has hired law firm Travers Smith to investigate the matter, has stated that a decision on Rose’s bonuses will be made once the probe is concluded. In the meantime, she continues to receive her fixed pay.
Farage criticized NatWest for continuing to pay Rose, calling it “a sick joke” and accusing the corrupt British establishment of protecting its own interests.
While Rose is currently set to receive a fixed pay package of £2.4 million, this amount could change depending on the ongoing review of her 12-month notice period. If the notice period is reduced, her payout will also decrease.
Prior to her departure, Rose could have received a maximum total remuneration package of £5.3 million for the 12-month period ending in December. This includes a salary and fixed share awards totaling £2.4 million, as well as potential variable pay of up to £2.9 million.
Additionally, Rose holds 2.6 million unvested shares, valued at approximately £5.8 million based on the bank’s current share price.
Rose was honored with a damehood in the 2023 honours list and appointed co-chair of the government’s Energy Efficiency Taskforce in February.
The terms of Rose’s successor, Paul Thwaite, were also announced by NatWest. Thwaite, previously head of NatWest’s commercial and institutional division, initially assumes the top position for 12 months and will receive a slightly less generous pay deal compared to Rose. His remuneration package includes fixed pay of £2.1 million, as well as bonuses and share awards of up to £2.6 million.
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