But there is still uncertainty over Rose’s final payout, as NatWest said decisions about her compensation “will be made taking into account the findings of the Investigations, as appropriate”.
Thwaite – who will be in charge of NatWest for the next 12 months – will make a £1.05 million base salary, less than the £1.16 million that Rose was on. He could make another £2.6 million in bonuses, but this is also below the maximum that Rose was eligible for. His salary will be pro-rated for this year based on the amount of time he’s been on the job.
Rose is currently set to receive her £1.16 million fixed pay and her a fixed-share allowance of the same value released over five years, plus a pension, while she is on 12-month gardening leave. However, this could be partially clawed back depending on the results of the investigation.
Her potential maximum variable pay for this year of £2.9 million, plus unvested share awards from previous years, currently worth around £850,000, could also be clawed back.
A NatWest Group spokesperson said: “Like other employees where an investigation outcome is pending, Alison is currently receiving her fixed pay. This in line with her contractual notice period and remains under continual review, as the independent investigation continues.
“As previously confirmed, no decision on her remuneration will be taken until the relevant investigations are complete.”
Rose stepped down as head of the banking giant after revealing that she had provided information to a BBC journalist that led to an inaccurate report regarding the closure of former UKIP leader Nigel Farage’s account with Coutts. After she left, Farage called for NatWest’s board to resign as well.
Both executives’ salaries will be partially funded by the taxpayer, as the Government owns 39% of NatWest, having rescued the bank during the Global Financial Crisis.
When Rose left, NatWest Group chairman Sir Howard Davies said: “The Board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group. It is a sad moment.
“She has dedicated all her working life so far to NatWest and will leave many colleagues who respect and admire her.”
Natwest shares are currently trading at 223.5p, up 1.6p today.