This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-31799588
The article has changed 5 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Barclays 'misleading shareholders' says pension body | Barclays 'misleading shareholders' says pension body |
| (35 minutes later) | |
| A leading pension body has called for Sir John Sunderland, chair of Barclays' pay review committee, to resign. | 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 there had been no breach of promise and that Mr Gillies would succeed Sir John on 23rd April. | Barclays said there had been no breach of promise and that Mr Gillies would succeed Sir John on 23rd April. |
| "There has been no breach of 'promise' and nor has Barclays acted in a way which is contrary to any statement we have made," a Barclays spokesperson said. | |
| "Barclays made clear in an RNS [official announcement] on 15 April 2014 that Crawford Gillies would be joining the Board Remuneration Committee with effect from 1 May 2014, and would succeed Sir John Sunderland as Chairman of the Board Remuneration Committee 'at a date to be agreed, consistent with ensuring a smooth transition'. | "Barclays made clear in an RNS [official announcement] on 15 April 2014 that Crawford Gillies would be joining the Board Remuneration Committee with effect from 1 May 2014, and would succeed Sir John Sunderland as Chairman of the Board Remuneration Committee 'at a date to be agreed, consistent with ensuring a smooth transition'. |
| "This was our only statement on the matter. In keeping with best Governance practice, and having now observed and participated in a full remuneration cycle as a committee member, Mr Gillies will take on the Remuneration Committee Chairmanship at the end of Barclays' Annual General Meeting on Thursday 23rd April 2015," the bank added in a statement. | |
| 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. |