The move follows Rose’s resignation after the row about the reasons the former UKIP leader saw his accounts with Natwest subsidiary Coutts shut down, and Rose being identified as the source of incorrect information sent to the BBC.
Sky News has reported that Rose is expected to receive her contractual salary entitlement for the remainder of her 12-month notice period, but the bank has decided not to pay most of the discretionary elements of Dame Alison’s pay package.
A source close to the bank told Sky News that the NatWest board’s decision was expected to be announced to the London Stock Exchange today (Friday).
Rose’s contract included a 12-month notice period and stipulated that she would receive an annual salary of £1.16m, with a further sum of the same amount in deferred share awards.
Rose had accrued unvested share awards worth roughly £5m, most of which had been awarded since she became chief executive in 2019. But the NatWest board’s decision means that she won’t receive this money
Rose stepped down from NatWest in July after admitting she was the source behind the BBC’s inaccurate story over Farage’s bank account closure.
The BBC report alleged Brexit campaigner Nigel Farage was ditched by Coutts – part of the NatWest Group – for not being wealthy enough. Farage maintained the account closure was due to his political views.
