NatWest chief Thwaite in line for £7.7m pay deal – Daily Business

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*Paul Thwaite has oveseen progress at NatWest (RBS)*

Shareholders in NatWest, trading as Royal Bank of Scotland north of the border, are expected to approve a new pay policy this week that could see chief executive Paul Thwaite’s pay package rise to £7.7 million.

The remuneration package will be on the agenda at Wednesday’s AGM at Gogarburn in Edinburgh where the board is planning to increase Mr Thwaite’s maximum pay by 43%. That figure could rise to £9.5m if the company’s shares rise 50%.

Mr Thwaite is likely to confirm that the bank is on course for a return to full private ownership by the summer as the government prepares to sell its remaining stake.

The Treasury spent £46bn taking an 84% stake in RBS in 2008 to rescue it from collapse. Sales of shares on the open market have accelerated in recent months, leaving the taxpayer with just 2.99% as of last week.

Mr Thwaite was confirmed as chief executive last year, after stepping in to replace Dame Alison Rose who resigned following a debanking row with Reform UK leader Nigel Farage.

The bank posted a 0.3% rise in pre-tax profits to £6.2bn for 2024, and has proposed a year-end dividend that will result in £1.2bn – or 15.5p a share – being handed to shareholders.

Attention late on Tuesday will focus on car maker Tesla which has suffered a backlash over Elon Musk’s political activities. Delivery numbers showed the problems may go deeper, even leading some of its most bullish supporters to turn on the EV maker.

DIARY

Tuesday 22 April