NatWest Group Chief Executive and Chairman pay announcement in light of Covid-19
NatWest Group Chief Executive Alison Rose and Chairman Howard Davies will forgo 25% of their fixed pay for the remainder of 2020, which will be donated to the National Emergencies Trust (NET) Coronavirus Appeal.
In addition, Alison Rose has informed the Board that she does not want to be considered for any variable pay for this year. These decisions have been taken in recognition of the extent of the impact that the current situation is having on people, families and businesses across the UK.
NatWest Group CEO, Alison Rose said:
“I am fully aware of the challenges being faced by so many people across the country and my priority is to make sure we do everything in our power to support our customers through this incredibly difficult and unprecedented time.
“As a purpose led bank we want to do the right thing for our customers and the communities we serve as we face these challenges together. In the current environment, many of our customers are worried about their jobs and their businesses and, in recognition of this, I have taken these decisions on my own pay.”
NatWest Group Chairman, Howard Davies said:
“We are fully focused here at the bank on doing everything we can to provide financial support and advice to our customers in these very challenging times. We are implementing the government’s loan schemes as fast as we can. I am pleased that, as a result of the decision Alison and I have taken, we are able to further contribute to the bank’s existing support of the National Emergencies Trust.”
The NatWest Group has previously announced that it has launched a donation-matching programme of up to £5m for the National Emergencies Trust (NET) Coronavirus appeal. Donations to the NET made by Reward Account customers via their Reward account balance will be topped up by the bank on a matched basis up to £5m until the end of June.
Last month, the bank confirmed that all staff will continue to receive full pay for the next six months even if, as a result of Covid-19, they need to take some time out to look after their families, are unable to work from home, or find themselves ill. This action was taken to give colleagues peace of mind, whatever their circumstances.