Coronavirus: RBS boss Alison Rose and chairman Howard Davies forgo 25% of pay to help tackle Covid-19
NatWest group – which is rebranding from Royal Bank of Scotland – has announced that chief executive Alison Rose and chairman Howard Davies will forgo a quarter of their fixed pay for the rest of 2020, which will be donated to the National Emergencies Trust (NET) Coronavirus Appeal.
The bank said her base salary is £2.2 million, while Davies receives £750,000 a year. It added that Rose has informed the board that she does not want to be considered for any bonus for this year – she was eligible to receive up £1.9m.
“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 lender stated.
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.”
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 [NET].”
The group previously announced that it had launched a donation-matching programme of up to £5m for the NET Coronavirus appeal.
Last month, the bank – which was bailed out by the taxpayer during the financial crisito the tune of £45.5 billion – 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”. It said: “This action was taken to give our colleagues peace of mind, whatever their circumstances.”
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