Dame Alison Rose, former chief executive of NatWest Group, has accepted a new role as an adviser at Mishcon de Reya, a prominent City law firm. This appointment, announced on September 17, 2024, marks a significant career shift for the banking veteran.
In her new capacity, Dame Alison will guide Mishcon de Reya's equality, diversity, and inclusion initiatives. She will also mentor a select group of partners, leveraging her extensive experience in the financial sector. Vanessa Dewhurst, Mishcon's chief people officer, expressed enthusiasm about the appointment, highlighting Dame Alison's exceptional leadership qualities.
This role is Dame Alison's second professional engagement since her departure from NatWest in July 2023. Earlier in 2024, she joined Charterhouse Capital, a private equity firm, demonstrating her continued involvement in the financial world.
Dame Alison's 31-year tenure at NatWest saw her rise to become one of the UK's most prominent female executives. In 2018, she was entrusted by the government to lead the Rose Review, aimed at enhancing women's participation in business. However, her banking career concluded abruptly following a controversy involving Nigel Farage and Coutts, a NatWest subsidiary.
The incident, known as the debanking scandal, erupted when Farage alleged that Coutts closed his account due to his political views. Dame Alison was found to have discussed the case with a BBC journalist, leading to her resignation and the forfeiture of substantial compensation. Notably, her name was removed from the government's Rose Review in the aftermath.
Mishcon de Reya, Dame Alison's new employer, has set ambitious diversity targets. The firm aims to increase the proportion of women in senior roles and boost the percentage of black and socially disadvantaged individuals among its trainees. These goals align with the growing emphasis on diversity and inclusion in corporate environments.
The law firm itself has a storied history, having represented high-profile clients such as Princess Diana during her 1996 divorce from Prince Charles (now King Charles III). In recent years, Mishcon de Reya explored the possibility of listing on the London Stock Exchange, although this plan was ultimately shelved.
Dame Alison's transition to Mishcon de Reya is particularly noteworthy given reports that the firm assisted her during the debanking controversy. An internal review at NatWest subsequently found no misconduct on her part, bringing closure to the matter.
As Dame Alison embarks on this new chapter, her expertise in finance and leadership is expected to contribute significantly to Mishcon de Reya's diversity initiatives. This appointment not only represents a personal career evolution but also reflects the increasing importance of equality and inclusion in the professional services sector.
"I am pleased that NatWest Group has confirmed that no findings of misconduct have been made against me. I can also confirm acceptance of the terms of the settlement agreement, which is in line with NatWest Group's Remuneration Policy, bringing the matter to a close."
This development underscores the ongoing transformation in the City of London, as firms prioritize diversity and tap into the expertise of industry veterans to drive positive change.