NatWest Group plc has provided an update on the remuneration arrangements for its former Group Chief Executive, Alison Rose. The Board has confirmed that Rose will receive payment of her fixed pay elements for the remainder of her contractual notice period, which will end on 26 July 2024. This includes salary, fixed share allowance, a pension allowance of 10% of salary, and contractually agreed benefits. The total value of these payments over the notice period is £1,748,142.
It has been confirmed that Rose will not be classified as a good leaver under the relevant share plan rules, and therefore any unvested share awards that were due to vest after her cessation of employment on 26 July 2024 will lapse. The current value of these unvested share awards is £4,711,491. No finding of misconduct has been made against Rose by NatWest Group.
No bonus or variable remuneration will be paid to Rose in respect of her service during 2023. If she had remained in her role as Group Chief Executive for the entire year, her maximum variable pay opportunity would have been £2,868,113, subject to performance conditions.
In total, the value of the lapsed unvested share awards and the foregone bonus or variable remuneration for 2023 amounts to £7,579,604.
Under the settlement agreement, NatWest Group will make a payment towards Rose's legal fees and provide outplacement support. The maximum payment for legal fees is £395,000 plus VAT, and for outplacement support is £60,000 plus VAT.
For more information, please contact NatWest Group Investor Relations or Media Relations.