NatWest axes £7.5m of payouts to ex-CEO following Farage row
The Guardian|November 11, 2023
NatWest has scrapped more than £7.5m in potential payouts to Alison Rose, the banking group's former chief executive who was forced to resign over a scandal linked to the closure of Nigel Farage's bank accounts.
Mark Sweney
NatWest axes £7.5m of payouts to ex-CEO following Farage row

The board of NatWest said that after her resignation, future unvested share awards worth £4.7m would lapse and not be paid out.

In addition, Rose, who resigned in July over a leak to a BBC news journalist about the threatened closure of Farage's accounts, will not receive a bonus or share-based pay awards for this year, worth £2.9m.

"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," the company said yesterday. "No finding of misconduct has been made against Ms Rose by NatWest Group."

The banking group said the cumulative value of the lapsed unvested share awards, bonus and variable remuneration for this year was £7.58m. Rose, who received a £5.2m pay package last year, is still expected to receive a pay package of about £2.4m.

This comprises a £1.16m basic salary as well as a fixed share award, benefits and pension payments - but she will be forced to forfeit millions in as yet unvested share awards.

However, under the settlement agreed with Rose, her contract ends in July next year. This means she is also eligible to get one more sharebased award in April worth £850,000.

Denne historien er fra November 11, 2023-utgaven av The Guardian.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra November 11, 2023-utgaven av The Guardian.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA THE GUARDIANSe alt
Bajrami and McCausland to the fore as Rangers seal impressive victory
The Guardian

Bajrami and McCausland to the fore as Rangers seal impressive victory

Rangers made a storming start to their Europa League campaign with a 2-0 win over Malmö in Sweden that should have been even more emphatic. Nedim Bajrami scored his first goal for the Ibrox club in less than a minute and Philippe Clement's side passed up several chances to add a second before the interval.

time-read
3 mins  |
September 27, 2024
Thames credit ratings cut to lower levels of junk as default fears grow
The Guardian

Thames credit ratings cut to lower levels of junk as default fears grow

Thames Water's debt rating has been slashed to the lower levels of junk by two major credit rating agencies, piling further pressure on the UK's biggest water company, which is rapidly running through cash and fighting to stave off renationalisation.

time-read
1 min  |
September 27, 2024
Austria Fears rise over prospect of far-right election win
The Guardian

Austria Fears rise over prospect of far-right election win

After topping the Austrian poll in June's EU elections, the far-right Freedom party (FPÖ) seized the moment, calling for the appointment of an EU \"remigration\" commissioner to be tasked with the forced return of migrants and citizens with a migration background to their countries of origin.

time-read
2 mins  |
September 27, 2024
'Cold and direct' Fayed's security chief accused of facilitating abuse
The Guardian

'Cold and direct' Fayed's security chief accused of facilitating abuse

It was May 1991 and Mohamed AI Fayed was in a foul mood. \"I told you, no sex with anybody else, no relationship with anybody else,\" he ranted.

time-read
5 mins  |
September 27, 2024
Allegations made over tycoon's years at Fulham FC
The Guardian

Allegations made over tycoon's years at Fulham FC

Sexual assault allegations have been made relating to Mohamed AI Fayed's 16 years of ownership of Fulham Football Club, lawyers representing his accusers have said.

time-read
2 mins  |
September 27, 2024
'No sane people are going' Leadership race casts pall over Tory conference
The Guardian

'No sane people are going' Leadership race casts pall over Tory conference

On Tuesday, four candidates will make their pitches to lead the Conservative party from a conference stage in Birmingham. Their immediate challenge after the Tory rout this summer will be to reinvigorate demoralised MPs and members.

time-read
3 mins  |
September 27, 2024
Pandemic as deadly as Covid-19 'a certainty', says Whitty
The Guardian

Pandemic as deadly as Covid-19 'a certainty', says Whitty

Another pandemic as big as the Covid crisis that killed 7 million people worldwide was \"a certainty\", Prof Sir Chris Whitty warned yesterday, as he said the UK's lack of intensive care capacity for the sickest patients was a \"political choice\".

time-read
2 mins  |
September 27, 2024
Naomi Campbell banned as charity trustee for five years
The Guardian

Naomi Campbell banned as charity trustee for five years

Naomi Campbell has been banned from being a charity trustee after a watchdog investigation uncovered widespread evidence of financial misconduct at the poverty relief charity she founded.

time-read
2 mins  |
September 27, 2024
Family haunted by last moments of teenager killed by 12-year-olds
The Guardian

Family haunted by last moments of teenager killed by 12-year-olds

The family of a man killed by the UK's youngest knife murderers have said they are haunted by thoughts of his last moments and \"how scared he must have been\".

time-read
2 mins  |
September 27, 2024
London rail stations to be shut for up to eight days over festive period
The Guardian

London rail stations to be shut for up to eight days over festive period

Some of London's main railway stations will be closed and train services diverted at Christmas time, Network Rail has said.

time-read
1 min  |
September 27, 2024