Director/PDMR Shareholding

RNS Number : 6757R
NatWest Group plc
09 March 2021
 

9 March 2021

NatWest Group plc

 

 

INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMRs) IN ACCORDANCE WITH ARTICLE 19 OF THE EU MARKET ABUSE REGULATION 596/2014

 

 

1. NatWest Group plc (the Company) announces that conditional long term incentive (LTI) or deferred awards (Deferred Awards) over ordinary shares of £1 each in the Company (Shares) (ISIN: GB00B7T77214), have been granted on 8 March 2021 under the NatWest Group plc 2014 Employee Share Plan (the Plan) to the PDMRs set out below:-

 

Name of PDMR

Position of PDMR

Award

Maximum no. of

Shares eligible to vest

 

Robert Begbie

CEO, NatWest Markets

LTI

 336,917

Helen Cook

Chief HR Officer

LTI

 277,679

Peter Flavel

CEO, Wealth Businesses

LTI

 253,792

Bruce Fletcher

Chief Risk Officer, NatWest Group

LTI

 360,982

David Lindberg

CEO, Retail Banking

Deferred Award

 92,803

Andrew McLaughlin

CEO, RBS International

LTI

 222,143

Simon McNamara

Chief Administrative Officer

LTI

 492,655

 Katie Murray

Chief Financial Officer

LTI

 407,262

John-Paul Thwaite

CEO, Commercial Banking

LTI

 240,655

Jen Tippin

Chief Transformation Officer

Deferred Award

 488,714

 

The price per Share used on the grant of the above awards was £1.6746. The price is discounted to reflect the absence of dividend equivalents during the deferral period .

 

In April 2020, Alison Rose (CEO, NatWest Group plc) informed the Company that she did not wish to receive a 2021 LTI award.

 

The LTI awards were determined with reference to the performance of the relevant PDMRs against pre-determined performance targets.  This was then subject to an overall pay restraint reduction to reflect the impact of the COVID-19 pandemic. A pre-vest performance assessment will take place for the LTI awards at the end of three years. Subject to this, LTI awards will be eligible to vest between 2024 and 2028. 

 

The Deferred Awards were also determined with reference to an equivalent overall pay restraint reduction and will be eligible to vest between 2021 and 2028.

 

Malus provisions will apply to both LTI and Deferred Awards up until vesting and clawback provisions will apply for a period of seven years from the date of grant, this can be extended to ten years in certain circumstances. Vested Shares retained after payment of associated tax liabilities will be subject to a twelve-month retention period.  

 

2. The Company announces that LTI and Deferred Awards, including buy-outs, over Shares vested on 8 March 2021 to the PDMRs set out below. The awards were granted under the Plan between March 2016 and November 2020. The number of Shares withheld to meet associated tax liabilities arising on vesting and the number of vested Shares retained by each PDMR is set out below:-

 

Name of PDMR

Position of PDMR

Award

No. of Shares vested

No. of Shares withheld to satisfy associated tax liability

No. of vested Shares retained

Robert Begbie

CEO, NatWest Markets

 

LTI

 

39,648

19,061

 

20,587

Deferred Award

 

103,143

49,586

 

53,557

Helen Cook

Chief HR Officer

 

LTI

 

73,888

34,781

 

39,107

Deferred Award

 

9,320

4,387

 

4,933

Peter Flavel

CEO, Wealth Businesses

 

LTI

 

7,456

3,510

 

3,946

Deferred Award

 

67,385

31,720

 

35,665

Bruce Fletcher1

Chief Risk Officer, NatWest Group

Buy-out Award

 

76,431

35,977

 

40,454

Andrew McLaughlin2

CEO, RBS International

 

LTI

 

50,803

0

 

50,803

Deferred Award

 

80,466

0

 

80,466

Simon McNamara

Chief Administrative Officer

 

LTI

 

217,036

104,335

 

112,701

Katie Murray

Chief Financial Officer

 

LTI

 

40,333

18,986

 

21,347

Deferred Award

 

61,326

28,868

 

32,458

Alison Rose

Chief Executive Officer

 

LTI

 

248,839

117,131

 

131,708

John-Paul Thwaite

CEO, Commercial Banking

 

LTI

 

26,636

12,539

 

14,097

Deferred Award

 

77,926

36,682

 

41,244

Jen Tippin1

Chief Transformation Officer

Buy-out Award

101,524

47,789

 

53,735

1.  Vested Shares retained after payment of associated tax liabilities will, where applicable, be subject to retention periods which mirror the retention periods applicable to the PDMR's awards granted by their previous employer.

2.  The award was granted when the PDMR was resident in Jersey and therefore is taxable in Jersey only and not in the UK. No employer tax withholding is required under Jersey law. The Jersey income tax payable in respect of the vesting of the award will be paid by the PDMR directly to the Jersey tax authority.

 

The market price used to meet associated tax liabilities was  £1.8978. 

 

Vested Shares retained after payment of associated tax liabilities will be subject to retention periods of between six and twelve months.

 

3. The Company announces that Shares were delivered to PDMRs on 8 March 2021, as set out below. The Shares delivered represent payment of a fixed share allowance for the three month period ending 31 March 2021 and have been calculated using a share price of £1.8660.

 

The number of Shares delivered, the number of Shares withheld to meet associated tax liabilities and the number of Shares retained by each PDMR is as follows:-

 

  Name of PDMR

Position of PDMR

No. of Shares delivered

No. of Shares withheld to satisfy associated tax liability

No. of Shares retained

Robert Begbie

CEO, NatWest Markets

 43,543

20,933

22,610

Helen Cook

Chief HR Officer

 16,413

7,726

8,687

Peter Flavel

CEO, Wealth Businesses

 30,164

14,199

15,965

Bruce Fletcher

Chief Risk Officer, NatWest Group

 44,883

21,127

23,756

David Lindberg

CEO, Retail Banking

 43,543

20,496

23,047

Andrew McLaughlin 1

CEO, RBS International

20,097

0

20,097

Simon McNamara

Chief Administrative Officer

43,543

20,933

22,610

Katie Murray

Chief Financial Officer

 100,483

47,298

53,185

Alison Rose

Chief Executive Officer

 147,375

69,371

78,004

John-Paul Thwaite

CEO, Commercial Banking

 30,145

14,190

15,955

Jen Tippin

Chief Transformation Officer

 55,266

26,015

29,251

1. The award was granted when the PDMR was resident in Jersey and therefore is taxable in Jersey only and not in the UK. No employer tax withholding is required under Jersey law. The Jersey income tax payable in respect of the vesting of the award will be paid by the PDMR directly to the Jersey tax authority.

 

The market price used to determine the number of Shares withheld to meet associated tax liabilities was £1.8978. Shares retained after payment of associated tax liabilities will be held on behalf of PDMRs and will be released in instalments over a three year period.

 

All of the above transactions took place on the London Stock Exchange (XLON).

 

Legal Entity Identifier: 2138005O9XJIJN4JPN90

 

For further information contact:-

NatWest Group Investor Relations
Alexander Holcroft
Head of Investor Relations
+44 20 7672 1758

 

NatWest Group Media Relations 

+44(0)131 523 4205

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