Barclays backs Jes Staley, confirms FCA probe into his relationship with Jeffrey Epstein

Maria Nikolova

Mr Staley has confirmed to the Barclays’ Board that he has had no contact whatsoever with Mr Epstein at any time since taking up his role as Barclays Group CEO in December 2015.

Barclays PLC (LON:BARC) has earlier today posted a statement regarding its decision on whether to recommend Jes Staley for re-election.

In accordance with the UK Corporate Governance Code, all of the current Directors of Barclays PLC will be submitting themselves for election or re-election at the Annual General Meeting to be held on May 7, 2020.

In deciding whether to recommend Jes Staley for re-election, the Board notes that it has carried out its usual formal and rigorous performance assessment. As part of its determination in respect of Mr Staley, the Board has considered media reports in the past six months that have highlighted historical links between Mr Staley and Jeffrey Epstein.

Earlier in his career Mr Staley developed a professional relationship with Mr Epstein. In the summer of 2019, in light of the renewed media interest in the relationship, Mr Staley volunteered and gave to certain executives, and the Chairman, an explanation of his relationship with Mr Epstein. Mr Staley also confirmed to the Board that he has had no contact whatsoever with Mr Epstein at any time since taking up his role as Barclays Group CEO in December 2015.

The relationship between Mr. Staley and Mr. Epstein was the subject of an enquiry from the Financial Conduct Authority (FCA), to which Barclays responded. The FCA and the Prudential Regulation Authority subsequently commenced an investigation, which is ongoing, into Mr. Staley’s characterisation to Barclays of his relationship with Mr Epstein and the subsequent description of that relationship in the company’s response to the FCA.

Based on a review, conducted with the support of external counsel, of the information available to us and representations made by Mr Staley, the Board concludes that he has been sufficiently transparent with the company as regards the nature and extent of his relationship with Mr Epstein.

Accordingly, Mr Staley retains the full confidence of the Board, and is being unanimously recommended for re-election at the Annual General Meeting.

Barclays argues it will continue to cooperate fully with the regulatory investigation.

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