The chair of NatWest, Rick Haythornthwaite, was forced to defend the bank against accusations of “climate backtracking” at a chaotic annual shareholder meeting in Edinburgh, which was temporarily suspended due to singing protesters.
Shortly after the meeting began, it was adjourned for about half an hour when a protester interrupted Haythornthwaite’s opening speech. Protesters wearing black T-shirts emblazoned with “No more big oil” and “No bombs” sang a song to the tune of Frère Jacques, with a chorus of “No more bombs, no more oil.” They are believed to represent the campaign group Extinction Rebellion’s XR Money Rebellion, which has targeted NatWest and other banks for financing fossil fuel projects.
When the meeting resumed, shareholders dominated the discussion with questions about NatWest’s climate policies, as well as staff wages compared with executive pay packages. Recent changes to the bank’s climate policy include dropping a commitment not to lend to oil and gas companies that lack a credible transition plan or fail to report their overall carbon emissions.
Mara Lilley, a representative of the Church of England pension board, said the board was voting against Haythornthwaite’s re-election because of “concerns about NatWest backtracking on its climate commitments.” In response, Haythornthwaite, who began his career in energy exploration for BP, said that as “a geologist by background,” he takes climate breakdown “very, very seriously, as does all of this board.” He added: “We’ve had to wrestle with the questions of how do we balance supporting our customers in their [energy] transition efforts with managing the risk of what is an increasingly complex policy environment.”
Haythornthwaite stated that NatWest retains two key goals: to halve its climate impact compared with 2019 levels (currently at 39%) and to achieve net zero emissions from its financing by 2050. “Those commitments have not gone away.” He also noted that the bank provided £19bn in energy transition finance during the second half of 2025 and is targeting £200bn in sustainable lending by 2030. The chair emphasized that oil and gas financing represents only 0.6% of the bank’s total lending, and NatWest will not invest in controversial projects such as shale oil, oil sands, coal gas, or coal liquefaction. He described the policy changes as a “slight shift” and said, “We feel that we found a pragmatic middle road.”
However, investors disagreed. Jeanne Martin from ShareAction said: “NatWest Group plays a key role in the economy’s transition to net zero” but in February “reduced the ambition of its fossil fuel policy and climate targets.” Her organization speaks on behalf of 19 institutional shareholders with $1.4tn (£1tn) in assets. ShareAction had stated before the meeting: “This kind of backtracking has real consequences.” Martin asked for a meeting within three months between those investors and Haythornthwaite, to which he agreed.
Haythornthwaite was re-elected as a director with backing from 92% of shareholders, the lowest approval vote among the 25 resolutions. Martin responded: “This is a significant level of dissent in a system where board chairs are normally waved through with overwhelming support. It reflects investor concern that the bank tearing up its fossil fuel policy risks accelerating exposure to physical risks like flooding and heatwaves, while storing up long-term financial instability for the future.”
Two representatives from Unite, including Michelle Smith, the union’s lead industrial organiser, asked about rising dividends and executive pay packets. Smith said bank staff had “seen shareholder dividends and executive remuneration packages increase at inflation-busting levels, while … we have got members visiting food banks and having to make choices between eating and heating.” Haythornthwaite replied that he was hopeful the bank could soon strike an agreement with the union, saying: “We want to be able to give our colleagues a fair reward for their very considerable effort they put in the company and we’ve got to balance that with the long-term sustainability of the business.”
In February, NatWest reported that its chief executive, Paul Thwaite, would receive £6.6m, the largest payout for a CEO of the banking group since Fred Goodwin took home £7.7m in 2006. Last year, the UK government sold its final shares in NatWest, ending 17 years of state ownership.
