After the scandalous incident revolving around the termination of the Niger Farage’s Coutts bank account, Dame Alison Rose vacated her post as the CEO of NatWest group. The former CEO is slated to benefit from a £2.4 million as a severance package.
According to the bank, Rose would be paid continuously till her 12-month notice period runs out.
NatWest stated that, Rose is entitled to nearly £1.2 million in salaries, £115,566 in pension contributions, and also she would be paid over £1.2 million in shares benefits.
The Bank continued that, Rose would also have access to benefits worth around £26,250, such as a corporate car and chauffeur, life insurance, personal protection, and the possibility of incentives.
NatWest came under fire last year for giving Rose a £5.2 million compensation package.
However, the bank also stated that, Rose would be required to make some refunds, if investigations prove that, her conduct to the closure of Nigel Farage’s bank account at Coutts, a subsidiary of NatWest, was wrong.
NatWest also added that, Dame Alison Rose notice period would be subjected to a review.
“Like other employees where an investigation outcome is pending, Alison Rose is currently receiving her fixed pay. This is in line with her contractual notice period and remains under continual review, as the independent investigation continues.
“As previously confirmed, no decision on her remuneration will be taken until the relevant investigations are complete.”
NatWest Group.
According to sources, the banks inquiries to the said incident, would include Alison Rose’s interview she had with a media house. The said interview was the genesis of this whole controversies.
Along with Rose’s resignation as NatWest CEO, the CEO of Coutts, Peter Flavel also left the company the following day, citing the scandal as his reason.
Moreover, the former Coutts CEO, shared his thought of the payment of such huge sum to Dame Alison Rose, labeling it as a joke.
“When I heard the news, I thought perhaps it was a sick joke. Surely you cannot breach client confidentiality and still receive a £2.4m payout, and yet that’s exactly what’s happened with Alison Rose.”
Peter Flavel, Former CEO of Coutts.
Package For Interim CEO Paul Thwaite
Additionally, NatWest Group has confirmed that, Paul Thwaite, the temporary successor to Dame Alison Rose, for at least a year, would receive a compensation package. The group revealed that, Thwaite remuneration package would amount to over £4.86 million.
This comprises a salary of £1.05 million and shares in NatWest Group valued at £1.05 million. As part of a separate award system, he might garner over £1.05 million in bonuses, and up to £1.58 million in shares.
This is in addition to the £105,000 in pension payments and the £26,250 in personal benefits, which may include a personal chauffer.
Paul Thwaite would also be eligible for other bonuses that were due to him as the former head of NatWest Group’s commercial banking division.
According to information privy to the general public, Nigel Farage’s Coutts account was closed due to his political views. Others suggested that, the amount in Farage’s account did not meet NatWest Group’s threshold that would allow his account to run.
Farage was later offered an account at NatWest, but declined the offer and insisted that, his Coutts account must be reinstated.
READ ALSO: Police Brutality On The Rise In Tunisia
