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Dame Alison Rose Seeks legal Advice as Former Employer Attempts to Reduce Payoff

According to sources, Dame Alison Rose, the former CEO of NatWest Group, is considering taking legal action to contest the cancellation of her unvested share awards, which were worth millions of pounds. This decision comes as NatWest faces pressure from Westminster to limit Dame Alison’s payoff. The move follows her resignation in July after admitting to discussing Nigel Farage’s private banking arrangements with a BBC journalist. Dame Alison is now seeking legal counsel to explore her options in this matter.

If NatWest goes ahead with its plan to eliminate approximately ┬ú5.2m worth of long-term share options that Dame Alison accumulated during her tenure as CEO, it remains unknown if she will pursue a formal legal challenge. However, sources close to the situation suggest that she is seriously considering this option. NatWest’s board is expected to reach a decision in the coming days, potentially before the release of its third-quarter results on Friday. The bank aims to resolve the issue promptly, following previous reports outlining the complexity of the legal proceedings.

Recently, it was revealed that NatWest employees had made derogatory comments about Mr. Farage in response to a subject access request made by him. This revelation further fueled the controversy surrounding the bank’s decision to “debank” Mr. Farage, leading to increased scrutiny of the practice within the banking sector. As the situation unfolds, Dame Alison and her spokesperson have refrained from commenting on the matter.

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According to public filings, Dame Alison has been receiving an annual salary package of £2.4m, which includes base salary, pension contribution, and a share-based fixed-pay allowance since her departure in July. In addition, she is eligible to receive a pro rata portion of the £2.9m annual bonus and long-term share awards, totaling her maximum pay package to £5.3m. Furthermore, Dame Alison holds approximately 2.5m unvested shares in NatWest, currently valued at £5.19m. However, considering her departure from the bank halfway through 2023, she will likely only be entitled to just over half of the annual variable pay of £2.9m. Sources close to the situation indicate that it is highly likely that the bank will seek to cancel these unvested shares, which may result in a legal challenge.

The government expects to be consulted on the terms of Dame Alison’s exit package, ensuring transparency and accountability in the process. Her resignation, which occurred by mutual consent, marked the end of her successful efforts in rebuilding NatWest after its ┬ú45.5bn taxpayer bailout 15 years ago. The controversy arose when Dame Alison inaccurately briefed a BBC journalist about the reasons for closing Mr. Farage’s accounts. The report was later amended to clarify that Mr. Farage did not meet the bank’s commercial criteria. However, his political views were revealed to be a factor in the decision, following his submission of a subject access request.

Paul Thwaite, former head of NatWest’s commercial business, has taken over as interim CEO after Dame Alison’s departure. An inquiry conducted by the law firm Travers Smith, examining the exit process for Mr. Farage, as well as the disclosure of his banking details to the BBC, has already been submitted to NatWest’s board. The second phase of the investigation, which focuses on the closure of Coutts accounts during the past two years, is on the verge of completion.

Dame Alison initially attempted to resolve the controversy by apologizing to Mr. Farage and voluntarily forgoing her bonus for the current year. However, Downing Street’s loss of confidence in her leadership quickly led to an emergency board meeting at NatWest, where her departure was officially approved. Sir Howard Davies, who is set to retire next year, will be succeeded by Rick Haythornthwaite, the former chairman of MasterCard and current chair of online grocer Ocado Group.

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