Nov 17, 2021
Barclays/Jes Staley: pay-off may grate, but it remains on the cards
This month, Barclays investors are questioning the board over its own performance following the pay award given to erstwhile CEO Jes Staley. The Investor Forum, which engages with UK companies in the name of big investment managers and pension funds, has received complaints from three members about Staley's lucrative send off. Any pay deal between the Barclays board, led by chair Nigel Higgins, and Staley is likely to fall under the contractual terms of payment in lieu of notice - a PILON. These must go ahead unless the board has sufficient evidence of gross misconduct. Dismissing Staley without adhering to severance clauses would have created the opportunity for lawsuits. As Staley has stated his intent to clear his name, the process is likely to go on well past the normal deadline.
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