According to a prominent industry source, Dame Alison Rose, NatWest’s now-former CEO, is on track for a multimillion-pound severance deal following her resignation in the early hours of yesterday morning.
Dame Alison Rose, who ultimately resigned after confessing to supplying the BBC with an incorrect and privacy-invading story about Nigel Farage being dropped as a Coutts customer for commercial reasons, would almost certainly receive a large lump sum.
“If I were chairman, I would fire Alison Rose rather than allow her to resign,” a former FTSE 100 chairman remarked.
“If she resigns, she will be paid her notice period, which will be at least a year and will most likely be worth £5 million.”
According to the insider, the Government, as NatWest’s largest shareholder, should seek 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.
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.