Barclays appoints Dawn Fitzpatrick and Mohamed A. El-Erian as non-exec directors

Maria Nikolova

Ms Fitzpatrick joined the Board on September 25, 2019, whereas Dr. El-Erian is set to join the Board on January 1, 2020.

Barclays PLC (LON:BARC) today announces the appointment of Dawn Fitzpatrick and Mohamed A. El-Erian as non-executive Directors. Ms Fitzpatrick’s appointment is effective September 25, 2019, Dr. El-Erian will join the Board on January 1, 2020.

At present, Ms Fitzpatrick is Chief Investment Officer of Soros Fund Management LLC (SFM). Before joining SFM, she spent 25 years at UBS and its predecessor organisations, most recently as Head of Investments for UBS Asset Management. She currently serves on The New York Federal Reserve’s Investor Advisory Committee on Financial Markets and the Advisory Board and Investment Committee of the Open Society Foundations’ Economic Justice Program.

Mohamed A. El-Erian is chief economic adviser at Allianz, the corporate parent of Pimco, where he served as chief executive and co-chief investment officer (2007-2014), and President-elect of Queens’ College Cambridge. He previously chaired President Obama’s Global Development Council, was Deputy Director at the International Monetary Fund, a Managing Director at Salomon Smith Barney, and president and CEO of Harvard Management Company.

Having served on the boards of the US Treasury Borrowing Advisory Committee, the International Center for Research on Women, the Peterson Institute for International Economics, the IMF’s Committee of Eminent Persons and the New York Federal Reserve’s Investor Advisory Committee on Financial Markets, he is currently a trustee of several non-profit boards, including the National Bureau of Economic Research, is a Board member of Under Armour, and has been chair of Microsoft’s Investment Advisory Board since 2007.

Also today, Barclays unveiled changes to Board Committees and subsidiary Boards. In order to create a simpler, more efficient governance structure the Board of Barclays Bank (BB) PLC has been reconstituted with its membership drawn exclusively from the Barclays PLC Board. Effective September 25, 2019, the Barclays Bank PLC Board includes: Nigel Higgins (Chairman), Jes Staley, Tushar Morzaria, Mike Ashley, Tim Breedon, Mary Anne Citrino, Dawn Fitzpatrick, Mary Francis, Matthew Lester, Diane Schueneman. Mohamed A. El-Erian will join this Board when he joins the Barclays PLC Board, on January 1, 2020.

Sir Ian Cheshire, the Chairman of Barclays Bank UK PLC, and Crawford Gillies, the Senior Independent Director of Barclays PLC, have not joined the Board of Barclays Bank PLC.

Further, the Barclays PLC Board has reviewed the responsibilities of its Reputation Committee and has decided to reallocate those responsibilities between the main Board and the Risk Committee. The Board considers that culture, environmental matters and oversight of the organisation’s reputation should be addressed by the full Board, rather than by a committee, and direct responsibility for addressing these matters has therefore transferred to the Board itself. Responsibility for the oversight of the Compliance function, and for conduct risk has transferred to the Risk Committee. As a result of these changes, the Reputation Committee has been disbanded.

The Board of Barclays Bank UK PLC remains the same.

Read this next

Institutional FX

FX volumes at MOEX halved in April as ruble gains gorund

Currency trading at Moscow Exchange (MOEX) halted its upward route in April as monthly volumes nearly halved from a month earlier.

Digital Assets

FTX US adds stock trading, fractional shares to crypto platform

FTX US, the American subsidiary of crypto exchange FTX has kicked off stock trading feature to its customers in an effort to compete with popular platforms such as Robinhood and eToro.

Industry News

UK FCA empowered to remove brokers’ permissions in 28 days

Businesses with permissions they don’t need or use, risk misleading consumers. These new powers will enable us to take quicker action to cancel permissions that are not used or needed.

Industry News

CFTC charges $44m Ponzi scheme but millions may have fled to foreign crypto exchange

The CFTC alleged that defendants transferred millions of dollars to an off-shore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange. None of these funds were returned to the pool.

Technology

Saxo Bank deploys Adenza to address Basel and EBA requirements

The integration of ControllerView will enhance Basel-driven capital calculations and reporting at Saxo Bank in support of the bank’s multijurisdictional capital and liquidity reporting requirements throughout Denmark, Switzerland and UK, with plans to expand into the Netherlands.

Executive Moves

ComplySci appoints CTO, CPO, and CLO to further regtech’s product expansion

ComplySci offers compliance software used by more than 1400 global institutions to identify risk and address regulatory compliance challenges.

Digital Assets

Thailand closer to launch digital asset exchange “to serve the needs of younger generations”

TDX is a subsidiary of the Stock Exchange of Thailand (SET) and its incorporation is part of the group’s strategic position to connect capital markets, open opportunities for the business sector in raising funds and cater to investment demand of new generations.

Digital Assets

Russia to legalize cryptocurrency payments as sanctions bite

Russia could soon be the latest country to lay down ground rules for legalizing cryptocurrencies as a means of payment, a sign that governments around the world are realizing that digital assets are here to stay.

Institutional FX

XTX Markets UK reports lackluster results for 2021

The UK business of XTX Markets, a non-bank FX liquidity provider and market maker, has reported its financials for the fiscal year ending December 31, 2021. The report showed impressive metrics after seeing revenues and customer activity increase even as the pandemic trading boom fizzled out.

<