By Linda Hall • 24 August 2023 • 11:43
PAY PACKAGE: Defenestrated Alison Rose on course to receive this year’s salary
Photo credit: Flickr/HM Treasury
ALISON ROSE, scandal-hit former Natwest chief executive, is not foregoing her £2.4 million (€2.81 million) salary package.
Rose, who received a criticised £5.2 million (€6.08 million) last year, jumped before she was pushed and resigned in July in the midst of the “debanking row” involving Nigel Farage, whose Coutts accounts were closed owing to his political views.
Coutts is now part of NatWest, which is still 38.5 per cent owned by the taxpayer following an emergency bailout in 2008. The ex-chief executive then made the situation worse by allegedly leaking information regarding the Ukip leader’s finances to the BBC.
NatWest has since revealed Rose would continue receiving her pay while she worked the year’s notice specified in her employment contract.
In consequence, the 53-year-old will still receive her £1.2 million (€1.4 million) salary, £115,566 (€135,261) in pension payments, and approximately £1.2 million (€1.4 million) in NatWest shares.
Rose will still have access to about £26,250 (€30,723) in perks including a company car and chauffeur, life assurance, and personal security. She could also receive bonuses on top of her fixed pay package.
A NatWest communique stressed that said Rose’s notice period “would continue to be under review” and, since her pay would be subject to clawback regulations, the bank could order her to return a portion of her previous pay should there be evidence of misconduct.
This will be determined by the findings of inhouse and external reviews into the Farage scandal which are likely to continue until late October,
“Like other employees where an investigation outcome is pending, Alison Rose is currently receiving her fixed pay,” a NatWest statement explained. “This in line with her contractual notice period and remains under continual review as the independent investigation continues.”
The bank confirmed that no decision on Rose’s remuneration would be taken “until the relevant investigations are complete.”
Meanwhile, Farage has condemned the bank for its payout decision. “When I heard the news, I thought perhaps it was a sick joke,” said on X, the former Twitter.
“Surely you cannot breach client confidentiality and still receive a £2.4m payout, and yet that’s exactly what’s happened with Alison Rose.”
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Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
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