NatWest focus will be on growth in ‘new chapter’ – Daily Business

NatWest, which trades north of the Border as Royal Bank of Scotland, says it has “fixed the issues of the past” as a £7.7m remuneration package for chief executive Paul Thwaite was voted through at today’s AGM.

The new deal could see Mr Thwaite’ salary rise by 43% and was given the green light at today’s gathering at Gogarburn in Edinburgh, where all resolutions were passed.

Key resolutions included the approval of the 2024 Report and Accounts, directors’ remuneration policy, and the declaration of a final dividend of 15.5p per ordinary share.

There was a 97.86% approval for the remuneration policy.

Addressing the AGM, chairman Rick Haythornthwaite confirmed the bank was on the verge of a “symbolic” return to private ownership, the Treasury having spent £46bn taking an 84% stake in RBS in 2008 to rescue it from collapse.

He also said the government had been a “positive and patient shareholder” over the course of the period in question.

“When I stood here last year, I said our return to private ownership was in sight,” he told shareholders. “And today, with the government shareholding now less than 3%, that milestone is in reach.

“For the first time since 2008, the Government is no longer the biggest shareholder in the bank, and we are on the verge of a return to full private ownership. This will be a symbolic moment, marking a new, forward-looking chapter in our story.

“We remain incredibly grateful to the Government, and to UK taxpayers, for their intervention and support, which protected millions of savers, homeowners and businesses at a time of global crisis.”

Mr Thwaite said the bank’s focus was now firmly on growth.

“Although there is no strategic or operational impact of the government exit, the accelerated sell down over the last 18 months is testament to the performance of the business and has helped us to attract new global investors who share our growth ambitions,” he said.

“There is no doubt that this moment matters. It matters for our colleagues, especially those based in the UK, over a third of whom worked here in 2008 and have played an important role in the fundamental change that has taken place.

“It matters for the UK as it helps turn the page on the global financial crisis, with a healthy, restructured and well-capitalised banking sector that is able to support the investment and innovation required to deliver UK-wide growth.

“Our ambition today is to succeed with our customers.  Having long been defined by our past, we can now look forward with confidence and optimism about the opportunities ahead, without forgetting the lessons of the financial crisis.”