Barclays has clashed with a group of influential shareholders over the long goodbye of its outgoing remuneration committee chairman Sir John Sunderland, who is due to step down at its AGM in April.
The Local Authority Pension Fund Forum (Lapff), which represents 64 UK public pension funds with assets of £160bn, says Barclays promised last April that Sir John – who has been criticised for signing off generous pay deals – would be replaced by Crawford Gillies. However, Sir John is still in post, Lapff notes.
Kieran Quinn, Lapff’s chairman, said: “It is inexplicable how Barclays can have gone back on its promise to the 2014 AGM that Sir John would step down.”
Barclays denies setting a date for Sir John’s departure. A spokesman said: “There has been no breach of ‘promise’ and nor has Barclays acted in a way which is contrary to any statement we have made.”Reuse content