REG - NatWest Group plc - Section 430 (2B) Companies Act 2006 Statement

NatwestAnnouncement

23/08/2023 11:00

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RNS Number : 2301K  NatWest Group plc  23 August 2023

Directorate Changes

On 26 July 2023, the Board of Directors of NatWest Group announced that Paul
Thwaite had been appointed as the Group Chief Executive for an initial period
of 12 months subject to regulatory approval.

 

In accordance with section 430(2B) of the Companies Act 2006 this announcement
sets out the key remuneration arrangements relating to the change in the Group
Chief Executive.

 

Paul Thwaite - key remuneration arrangements

As Group Chief Executive, Mr Thwaite will receive annualised fixed pay
consisting of salary of £1,050,000, a fixed share allowance of £1,050,000
(to be delivered in NatWest Group shares and released annually on a pro-rata
basis over five years from the date of award) and pension funding. Mr Thwaite
is currently a member of the Group's defined benefit pension scheme and will
also be entitled to receive benefit funding as per the terms of our approved
Directors' Remuneration Policy ("the Policy").

 

For the Group Chief Executive role, Mr Thwaite will also be eligible to be
considered for an annual bonus up to a maximum value of 100% of salary and a
Restricted Share Plan (RSP) award up to a maximum value of 150% of salary for
each performance year in line with the terms of our approved Policy. The
annual bonus and RSP award for 2023 in respect of his Group Chief Executive
role will be pro-rated to reflect the time spent by him in the Group Chief
Executive role during 2023. He will also be eligible to receive variable pay
awards for his previous role as CEO of the Commercial and Institutional
business.

 

Alison Rose - key remuneration arrangements

As previously announced, Alison Rose stepped down from the Board as Group
Chief Executive with effect from 25 July 2023 and is currently serving her
notice period. Ms Rose has a 12 month notice period under her service
agreement. During any period of notice, Ms Rose will not be permitted to take
on any new appointments with any third party in accordance with her service
agreement.

 

Ms Rose's notice period and the payments she will continue to receive for the
notice period will be reviewed on a continuing basis, having regard to the
internal and external investigations relating to the account closure
arrangements at Coutts and associated events ("Investigations"). No decisions
have been made in respect of Ms Rose's share awards or any other remuneration
matters.

 

The treatment of such awards will be determined in accordance with the terms
of our relevant share plan rules and policies. Decisions on these awards,
along with any decisions regarding other remuneration matters, will be made
taking into account the findings of the Investigations, as appropriate. As per
our approved Policy, malus and clawback provisions will continue to apply to
Ms Rose. Under these provisions Ms Rose's share awards can be adjusted down
where considered appropriate.

 

In accordance with contractual requirements, while employed under notice, she
will continue to receive her fixed pay (salary of £1,155,660, fixed share
allowance of £1,155,660, payable in NatWest Group shares and released
annually on a pro-rata basis over five years from the date of award, and a
pension allowance of 10% of salary) and contractually agreed benefits in line
with the terms of our approved Policy. Details of any decisions made in
respect of Ms Rose's share awards or any other remuneration matters will be
provided as and when such decisions are made.

 

NatWest Group Investor Relations

Alexander Holcroft

Head of Investor Relations

+44 20 7672 1758

 

NatWest Group Media Relations

+44(0)131 523 4205

 

 

Legal Entity Identifier:  2138005O9XJIJN4JPN90

 

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