Apr 23, 2019
Shareholder adviser ISS urges Barclays investors to reject pay report
Barclays investors have been advised to vote against the bank's remuneration report by an influential shareholder advisory group after the company's chief executive was censured for attempting to unmask a whistleblower. Institutional Shareholder Services, one of the main proxy advisers, said "Support for the remuneration report is not considered warranted" after Barclays was fined $15m by US authorities over the affair. Jes Staley, chief executive, was censured for his role in the scandal, which occurred in the summer of 2016 after he attempted to find out the identity of a person who had written to the board accusing him of covering up the personal problems of a friend. Mr Staley was subsequently hit with a personal fine of £642,000 by UK regulators while the bank also docked his pay by £500,000, taking his total outlay to just over £1.1m. However, ISS said the remuneration committee's response to the scandal was "Inadequate, given the loss of shareholder funds and the broader reputational damage and additional regulatory oversight incurred by the group as a result of this issue". Get alerts on Barclays PLC when a new story is published.
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