Barclays hires new bonuses boss ahead of next week's AGM
Tuesday 15 April 2014
Barclays has moved to deescalate investor anger ahead of week’s annual meeting by announcing a new director to run the committee which sets pay and bonuses.
The bank, which paid out £2.38 billion in bonuses last year, faces a potentially damaging shareholder revolt at next week’s meeting in London.
The Association of British Insurers has issued an “amber-top” notice to its members alerting them to Barclays’ annual report and forward-going pay policies. Shareholder lobby group Pirc is recommending its members oppose five resolutions at the meeting.
Sir John Sunderland, pictured, chairman of the bank’s remuneration committee, was the target of much of investors’ ire. He replaced Alison Carnwath, who had had to defend former chief executive Bob Diamond’s multi-million pound rewards, in 2012 but told the board he wanted to step down from that role this year. He is also heading the search for a chairman to replace Sir David Walker, who plans to leave this year.
Barclays said it will appoint Crawford Gillies, a former senior executive with consultants Bain & Co, as non-executive director from May 1. He will then take over the chair of the remuneration committee from Sunderland at an unset date, after a “smooth transition.”
Gillies has performed a similar role at Standard Life since 2007 and is also on the board of MITIE and a former chairman of the CBI.
Walker said: “I am delighted that Crawford has agreed to join the Barclays board. He brings immense experience in a range of different industries.”
One senior institutional investor welcomed Gillies’ appointment but said it would not alter its plan to vote against several resolutions at the meeting.
Investors are particularly annoyed that the bonus pool rose by 10% when profits for the investment bank fell.
- 1 Home Office says Nigerian asylum-seeker can’t be a lesbian as she’s got children
- 2 What happens to your body when you give up sugar?
- 3 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 4 Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
- 5 Apple and Google users being spied on for a decade because of 'Freak' security flaw
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...
£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...