a2309k
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For
August 23, 2023
Commission
File Number: 001-10306
NatWest
Group plc
Gogarburn,
PO Box 1000
Edinburgh
EH12 1HQ
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F X
Form
40-F ___
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes ___
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
________
The following information was issued as Company announcements
in London, England and is furnished pursuant to General Instruction
B to the General Instructions to Form
6-K:
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
Date: 23
August 2023
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NATWEST
GROUP plc (Registrant)
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By: /s/
Jan Cargill
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Name:
Jan Cargill
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Title:
Chief Governance Officer and Company Secretary
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