Leading Conservatives say Dame Alison Rose should not receive severance pay Photo: Holly Adams/Bloomberg
Senior Conservative MPs demanded that Dame Alison Rose should not receive severance pay from NatWest following the Nigel Farage scandal.
On Wednesday, the bank declined to say whether Dame Alison, who resigned as chief executive after information about Mr. Farage to the BBC on whether she is considered a 'well-departed' or whether she will receive a severance package.
She took home a £5.25m salary package last year, including fixed pay. of £2.43m and £2.82m in bonuses.
A source close to NatWest said any decisions and details regarding Dame Alison's payment will be published in a bank report. on remuneration at the end of the current financial year. However, this report will not be published until at least February 2024.
Dame Alison resigned after she admitted to being the source of a BBC story alleging that Mr Farage's NatWest Coutts account was closed because he was below the bank's threshold.
< p>A Telegraph investigation later showed that the closure occurred after Coutts decided that the former MEP's views were “not in line with our values”. her departure meant that she should not be rewarded with a payout.
Sir Jacob Rees-Mogg, a former business secretary, told The Telegraph that while Dame Alison should keep her pension, “she should not be on severance pay.” pay.”
“She spent an awful lot of time on awakening initiatives instead of concentrating on the banking business,” Sir Jacob told The Telegraph.
“She would have been better off focusing on banking rather than having a committee whose main purpose was to decide whether people like Nigel Farage shared the values of the bank. NatWest's value lies in making money to return the money to the taxpayer, thank you very much.
“I am genuinely surprised that the board of the bank did not immediately realize that the chief executive, disclosing, albeit inadvertently, confidential information about client, cannot remain as an executive director. This is such a fundamental principle of banking.”
Sir Ian Duncan Smith, the former Conservative leader, said he was “quite happy to see her back,” adding: “She's rather left in disgrace, isn't she?
“Of course NatWest has a right, given the circumstances. departure and her decision to leave, wonder if she should receive full severance pay.”
< p>When Jes Staley, a former Barclays chief executive, abruptly quit over his ties to the late pedophile financier Jeffrey Epstein in 2021, he received a fixed salary of £2.4m and a pension contribution of £120,000.< /p>
However, unlike NatWest, Barclays released details of Mr. Staley's severance package on the same day his departure was announced.
Nigel Farage's Banking Dispute
Calling on NatWest's board ” think very carefully about whether Ms Alison deserves any money, David Jones, a senior Conservative advocate, also urged senior officials to consider their position.
“It seems to me that they were very casual about it, and I wonder if they gave the CEO the kind of task that the board of directors should have,” Mr. Jones said. .
“NatWest's reputation has been hit hard as a result of this, and they have to wonder if they are the right people to consider the company's future direction.”
David Davies, former Brexit secretary , echoed Mr. Farage's calls for Peter Flavel, Coutts chief executive officer, to resign after he remained silent throughout the scandal.
Mr. Farage accused Mr. Flavel of that in his seven years at the helm, Coutts sought to shake things up based on climate change and diversity issues by ignoring three emails he sent to close his account.
Gary Greenwood, Banking Analyst at Shore Capital , said he “definitely expects anything remotely discretionary to be waived” in Dame Alison's case, including any bonuses.
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