Executives take salary cut
RBS chiefs donate pay to coronavirus appeal
Alison Rose: ‘incredibly difficult time’ (pic: Terry Murden)
NatWest / RBS 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.
Ms Rose has also 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.
The fixed pay element of Ms Rose’s pay is £2,236,250. She will donate 25% of her remaining fixed pay for 2020 to the NET.
Ms Rose is eligible for a variable pay award up to a maximum of £1,925,000.
Howard Davies receives a fee/fixed pay of £750k a year. He will donate 25% of his remaining fixed pay for 2020 to the NET.
Ms 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.”
Howard Davies: ‘full focused’
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.
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 our colleagues peace of mind, whatever their circumstances.