A top business source has told the Express that Dame Alison Rose, NatWest’s now-ex-CEO, may be on course for a multimillion pound severance package following her resignation in the early hours of yesterday morning.
Dame Alison Rose, who finally quit after admitting to briefing the BBC with an inaccurate and privacy-busting story about Nigel Farage being exited as a Coutts customer for commercial reasons, will likely enjoy a huge lump sum.
A former FTSE 100 chairman has told the Express: “If I were chairman I would fire Alison Rose not let her resign.
“If she resigns, she will be paid her notice period which would be at least 12 months and probably worth £5million.”
The top business source adds the Government, as NatWest’s major shareholder, should demand to see Dame Alison’s contract.
The contract will likely have a clause about bringing the company into disrepute, and therefore should have been grounds for termination rather than allowing the CEO to depart of her own free will.
If she were fired, there would have been “no legal comeback for her”.
They added: “Farage should demand that as the taxpayer is the major shareholder then NatWest should publish her contract.
“If they plead confidentiality then it would be appalling hypocrisy.”
This morning the Times also reports Dame Alison may be in line for a multimillion-pound payoff.
They cite analysts who agreed with the Express’s source that she would receive pay in lieu of working notice.
NatWest’s annual report suggests the bank can make payment in lieu of 12 months’ notice, backing up claims she will receive her £5million annual remuneration as a result of quitting in scandalous circumstances.
On Tuesday evening, when the bank’s board issued a vote of confidence in Dame Alison continuing as CEO, they warned: “The events will be taken into account in decisions on remuneration at the appropriate time.”
The bank refused to comment on the allegations when contacted by the Express, though Times sources suggested NatWest “would look to limit her remuneration”.
Mr Farage said: “She should not be getting a payoff at all. She has breached the most basic rule of banking and brought the NatWest group into disrepute. It’s a reward for failure.”
More severance packages could be coming if Mr Farage has his way, who has said Dame Alison’s resignation “is a start” but called for the whole bank board to quit with her over the row.
