Shareholder group backs Barclays boss
Under-fire Barclays boss Jes Staley has received the backing of an influential shareholder advisory group, despite lingering “concerns” over a misconduct probe.
Institutional Shareholder Services (ISS) has recommended that investors vote in favour of Mr Staley’s re-election at the annual general meeting on May 1, “even though it is not without concern for shareholders”.
It cited Mr Staley’s attempt to identify a whistleblower, which prompted a probe by the Financial Conduct Authority and Prudential Regulation Authority in spring 2017. The bank’s processes were also placed under investigation as a result.
However, ISS said its backing for Mr Staley was “warranted” given that both the company and chief executive continued to co-operate with authorities and that the bank had strengthened its whistleblowing programme.
The shareholder group also cited concerns around the “lack of any action on the CEO’s pay” after the 61-year-old boss received a formal reprimand by the board, but was still recommending that investors vote in favour of Barclays’ remuneration report.
Barclays declined to comment. Mr Staley’s misconduct was the focus of last year’s AGM when shareholders fired a warning shot at the banking chief, with more than 16 per cent of votes cast failing to back his re-election.
Nearly 14 per cent abstained and 2.4 per cent voted against – even as Mr Staley issued an apology to shareholders at the meeting.