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idpickering wrote:Section 430 (2B) Companies Act 2006 Statement.
Cumulatively, the value of lapsed unvested share awards and the bonus or variable remuneration for 2023 that Ms Rose will forego totals £7,579,604.*
https://www.investegate.co.uk/announcem ... nt/7873830
Ian (No holding).
monabri wrote:
That's going to sting! NWG are also contributing to Ms Rose's costs and allowing £60k to help her find new employment.
idpickering wrote:monabri wrote:That's going to sting! NWG are also contributing to Ms Rose's costs and allowing £60k to help her find new employment.
A nice job if you can lose it! It all seems crass to me. I don't hold this lot thankfully.
Any comments from anyone about this from those hereabouts that do hold them?
88V8 wrote:I hold, but not many I'm pleased to say.
Upper echelon salaries etc - ridiculous.
One hopes she enjoyed the dinner where she flapped her mouth about our Nige, as it's cost her £7mio.
V8
Key findings from Phase 2 of Travers Smith review
NatWest Group (NWG) has today published the key findings and recommendations from Phase 2 of the Travers Smith independent review - commissioned by the Board in July - relating to account closures at Coutts over the 24-month period prior to 28 July 2023.
The key findings and recommendations report (the report) published today was compiled by Travers Smith. The Phase 2 review analysed 84 customer account closures - including all relevant PEP cases exited over the relevant period - building a total sample of around 10% of relevant account closures in the period.
The report confirms that decision-making was consistent with relevant standards and otherwise appropriate and that there was no evidence of discrimination due to political views or affiliations, or any other protected characteristic. However, it identifies several areas where Coutts' policies and procedures governing exit decisions could be improved, including the process by which exit decisions are communicated to customers and the clarity of communications.
NatWest Group has accepted - and will implement - all the recommendations contained in Phases 1 and 2 of the review.
Chief Executive, Paul Thwaite, commented:
"We have delivered a strong performance in an exceptional macro environment. Our operating profit was up 20% on the year before, with a return on tangible equity of 17.8% and £3.6 billion of distributions to shareholders.
The strength of our balance sheet allows us to support our customers and our performance is grounded in the services we have provided to help them reach their financial goals and manage their money better.
As we look ahead, I am ambitious and confident for the future of NatWest Group. We should not underestimate the strength of our foundations or the opportunity to build deeper relationships with our 19 million customers. Our number one priority is to serve our customers well and provide them with the products, services, and expertise they need.
This year we are focussed on the things we can control; delivering profitable growth, becoming more efficient, more productive, and simpler to deal with, whilst managing our cost and capital efficiently. Together, these actions will drive long-term, sustainable value for our customers, shareholders, and the wider UK economy."
Strong financial performance and delivery against our targets
- Full year attributable profit of £4.4 billion and a return on tangible equity (RoTE) of 17.8%, above our guided range.
- Total income excluding notable items(1) of £14.3 billion increased by £1.3 billion, or 9.8%, compared with 2022 principally reflecting the impact of favourable yield curve movements, higher income in our markets business and lending growth partially offset by reduced deposit balances and mix changes and lending margin pressure.
- Bank net interest margin (NIM) of 3.04% was 19 basis points higher than 2022 with the increase reflecting favourable yield curve movements partially offset by lending margin pressure, reduced deposits balances and mix changes.
- Other operating expenses of £7.6 billion increased by £339 million, or 4.6%, compared with 2022. The cost:income ratio (excl. litigation and conduct) was 51.8% for 2023 compared with 55.5% for 2022.
- A net impairment charge of £578 million for 2023, or 15 basis points of gross customer loans, principally reflects continued low and stable levels of stage 3 defaults across the portfolio and good book charges related to unsecured lending.
And later;
Dividends
The company has announced that the directors have recommended a final dividend of £1.0 billion, or 11.5p per ordinary share (2022 - £1.0 billion, or 10.0p per ordinary share) subject to shareholder approval at the Annual General Meeting on 23 April 2024. If approved, payment will be made on 29 April 2024 to shareholders on the register at the close of business on 15 March 2024. The ex-dividend date will be 14 March 2024.
The Board of NatWest Group plc has appointed Paul Thwaite as Group Chief Executive Officer and Executive Director with immediate effect. This follows his appointment on an initial 12-month basis in July 2023.
Led by Chair Designate Rick Haythornthwaite, the NatWest Group Board has undertaken a rigorous and competitive search process, with support from a leading external search firm.
Rick Haythornthwaite, Chair Designate of NatWest Group said: "Paul has shown an unrivalled understanding of this business, our customers, and the opportunities for growth. We are both ambitious for this organisation and I fully expect his potent blend of NatWest knowledge and thoughtful, imaginative approach to leadership to prove key to forging success in the rapidly changing landscape of banking.
The percentage of voting rights held by HMT in NatWest Group plc (NWG), as shown on this form (32.88%), has been calculated following the disposal by HMT of 59,768,086 ordinary shares in NWG since its last TR-1 notification on 19 February 2024.
The percentage of voting rights held by HMT could move up or down going forward depending on the number of shares repurchased by NWG and the progress of sales under HMT's trading plan announced on 22 July 2021 and most recently extended on 3 April 2023.
Q1 2024 performance summary
Chief Executive, Paul Thwaite, commented:
"NatWest Group has delivered a strong set of results for the first quarter - with an operating profit of £1.3 billion - as we remain focused on the priorities we set out in February, which will help us shape the future of this bank.
Our performance is grounded in the vital role we play in the economy and in the lives of our 19 million customers. Though macro-uncertainty continues, customer confidence and activity is improving, with both lending(1) and deposits up in the quarter and impairments remaining low, reflecting our well-diversified business.
We are ambitious for this bank, and by succeeding for our customers, we will succeed for our shareholders. Our first priority is delivering disciplined growth across our three businesses by serving our customers well. At the same time, we are becoming simpler, more productive and easier to deal with. As a result, we aim to generate returns that allow us to support our customers, invest in our business and deliver attractive distributions to shareholders.
We are also pleased with the recent momentum in the reduction of HM Treasury's stake in the bank. Returning NatWest Group to private ownership is a shared ambition and we believe it is in the best interests of both the bank and all our shareholders."
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