Mar 26, 2017

StanChart and Barclays face CEO pay criticism

Two of Britain's leading banks have drawn criticism from some big shareholders over decisions to lower the hurdles for long-term bonuses for their bosses, in the latest example of UK companies coming into conflict with their investors over executive pay. Some leading investors in Standard Chartered and Barclays object to plans to cut the profit triggers for long-term incentive plans to levels below the banks' own stated targets. Barclays' LTIP for chief executive Jes Staley will pay out once the bank hits a 7.5 per cent return on tangible equity, far below the bank's double-digit profit target. Some investors are also concerned that banks may seek to sweeten their pay deals to adjust for new European regulations that bar bank executives from receiving dividends on shares in deferred bonus schemes. The controversy over banks' LTIPs coincides with broader frictions between companies and their shareholders over pay.

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