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| Barclays 'misleading shareholders' says pension body | Barclays 'misleading shareholders' says pension body |
| (about 1 hour later) | |
| A leading pension body has called for Sir John Sunderland, chair of Barclays' pay review committee, to resign. | |
| It accuses the bank of "misleading shareholders" for saying before the 2014 annual general meeting (AGM) that Sir John would step down from the role to give way to Crawford Gillies. | It accuses the bank of "misleading shareholders" for saying before the 2014 annual general meeting (AGM) that Sir John would step down from the role to give way to Crawford Gillies. |
| Sir John is still in the post 11 months later, the LAPFF says. | Sir John is still in the post 11 months later, the LAPFF says. |
| Barclays said it had made it clear that Mr Gillies would succeed Sir John "at a date to be agreed". | |
| It said this decision was aimed at ensuring a "smooth transition", but now Mr Gillies had completed a full period as a committee member he would become chairman on 23rd April. | |
| Barclays was widely criticised by shareholders for its pay policy at the 2014 AGM. | Barclays was widely criticised by shareholders for its pay policy at the 2014 AGM. |
| In a strongly worded statement, LAPFF chair Kieran Quinn said: "It is inexplicable how Barclays can have gone back on its promise to the 2014 AGM that Sir John would step down. | In a strongly worded statement, LAPFF chair Kieran Quinn said: "It is inexplicable how Barclays can have gone back on its promise to the 2014 AGM that Sir John would step down. |
| "Having messed up remuneration for 2013 Sir John has in fact stayed on as chair and presided over another year of still unacceptably high pay for 2014, and is still in place in March 2015. | "Having messed up remuneration for 2013 Sir John has in fact stayed on as chair and presided over another year of still unacceptably high pay for 2014, and is still in place in March 2015. |
| "It's nothing short of misleading shareholders." | "It's nothing short of misleading shareholders." |
| Mr Quinn went on to say that Sir John's involvement in awarding "grossly excessive bonuses" and his support for former chief executive Bob Diamond, amongst other things, had been "disastrous for shareholder returns and the reputation of the bank". | Mr Quinn went on to say that Sir John's involvement in awarding "grossly excessive bonuses" and his support for former chief executive Bob Diamond, amongst other things, had been "disastrous for shareholder returns and the reputation of the bank". |
| Bonus culture | Bonus culture |
| The LAPFF, which represents 64 public sector pension funds with combined assets of approximately £160bn, has been a strong critic of high levels of executive pay and the bonus culture. | The LAPFF, which represents 64 public sector pension funds with combined assets of approximately £160bn, has been a strong critic of high levels of executive pay and the bonus culture. |
| Last week, Barclays reported a 21% fall in 2014 pre-tax profits to £2.26bn. | Last week, Barclays reported a 21% fall in 2014 pre-tax profits to £2.26bn. |
| The bank also increased its provision to cover any fallout from a probe into currency market manipulation by £750m to £1.25bn. | The bank also increased its provision to cover any fallout from a probe into currency market manipulation by £750m to £1.25bn. |
| Boss Antony Jenkins was awarded a £1.1m bonus - his first as chief executive. | Boss Antony Jenkins was awarded a £1.1m bonus - his first as chief executive. |