Barclays – AGM 7 May 2020
Item 2: Remuneration report
Since his appointment in December 2015, James (Jes) Staley gained £17.67m. The current market value of his share outstanding is estimated at £5.64m. Overall remuneration is, therefore, £23.31m or £5.83m per year, while shareholders have lost 9% of their investments compared to FTSE100 gain of 43%. We consider the CEO's remuneration excessive and disproportionate to Barclaysnperformance.
Item 13: Re-election of the Chairman
We have serious concerns about the way the Board managed the second CEO's investigation. ECGS hoped that the new Chairman would fulfil its fiduciary duties and start the CEO's succession. However, the Board for the second time backed Jes Staley despite reputational risks for Barclays.
Item 16: Re-election of the CEO James Staley
Shareholders expect without any level of doubt that the CEO will undertake his role with the utmost of due skills, care and diligence. The CEOns reputation should be irreproachable as it directly shadows the groupns image. A second investigation over Jes Staley was revealed at the beginning of 2020 regarding his relationship with sex offender Jeffrey Epstein. Jes Staley's behaviour toward a whistleblower, his lack of diligence in keeping the relationship with a sentenced criminal, the poor share performance compared to peers raise concerns over his suitability for the role.
Items 29 and 30: Climate change related resolutions
The first climate-related shareholder resolution at a European bank was filed by investors led by ShareAction. Barclays proposes an alternative solution for taking a leadership position in addressing climate change.
Barclays is a holding company. Through its subsidiaries, Co. is a financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. Co.'s business segments are: Barclays U.K, which provides everyday products and services to retail customers and small to medium sized enterprises; Barclays International, which delivers products and services designed for Co.'s corporate, wholesale and international banking clients; and Head Office, which comprises head office and central support functions (including treasury) and businesses in transition.
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