(qlmbusinessnews.com Thur, 24th Aug, 2023) London, UK —
Former NatWest CEO Dame Alison Rose, who stepped down amidst controversy involving Nigel Farage, could potentially receive a pay package amounting to £2.4 million, the bank has disclosed. However, NatWest emphasizes that these figures, including past share awards, are subject to change.
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The revelation has drawn strong reactions from Nigel Farage, who described the situation as “a sick joke.” Dame Alison resigned last month after admitting to discussing Farage's bank details with a BBC journalist. Farage had alleged that his account at NatWest's Coutts division was closed due to his political views.
The bank clarified that Dame Alison is fulfilling her 12-month notice period as per her contract and stated that no final determinations have been reached regarding her pay or award levels. However, the disclosed potential payments include £1.155 million in salary for the year, £1.155 million in NatWest shares, and pension payments of £115,566.
The share awards are set to vest over a five-year period. The bank's board has not yet decided whether it will seek to reclaim past bonus awards tied to her performance, a matter that will be addressed during the review process.
NatWest's statement outlined, “Decisions on these awards, along with any decisions regarding other remuneration matters, will be made taking into account the findings of the investigations, as appropriate.”
Mr. Farage criticized the payout, labeling it a “sick joke” and accusing the British establishment of favoritism. He claimed the bank's inquiry had been inconclusive and that Dame Alison was being rewarded for dishonesty.
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The controversy surrounding Dame Alison's departure has highlighted the sensitive nature of the situation, with political and regulatory factors at play. Chairman Sir Howard Davies acknowledged the political pressure behind her decision to resign, and Treasury Minister Andrew Griffith emphasized that the situation would not have arisen had NatWest not taken action against an individual's lawful political views.
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