Barclays to delay release of LTIP awards to Jes Staley and Tushar Morzaria

Maria Nikolova

The release of the first portion of Jes Staley and Tushar Morzaria’s 2017 LTIP awards, that was due to vest in June 2020, will be delayed.

Barclays PLC (LON:BARC) today announces changes to its Long Term Incentive Plan (‘LTIP’) terms for directors.

On April 7, 2020, the Barclays PLC Board Remuneration Committee determined that, in light of the current environment as a result of COVID-19, the release of the first portion of Mr Staley and Mr Morzaria’s 2017 LTIP awards, which was due to vest in June 2020, will be delayed. This portion will now vest, subject to the LTIP rules, on March 8, 2021.

Mr Staley and Mr Morzaria are supportive of the Remuneration Committee’s determination in this regard.

Let’s recall that, in February 2020, Barclays voiced its support for Jes Staley in the face of the FCA probe into his relationship with Jeffrey Epstein.

In deciding to recommend Jes Staley for re-election, the Board noted that it had carried out its usual formal and rigorous performance assessment. As part of its determination in respect of Mr Staley, the Board considered media reports that 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 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 the Board and representations made by Mr Staley, the Board concluded that he was sufficiently transparent with the company as regards the nature and extent of his relationship with Mr Epstein.

Read this next

Chainwire

Bandit Network’s Points SDK and Brave Ads Power Astar zkEVM’s Quest Platform “Yoki Origins”

“Yoki Origins,” supported by Bandit Network and Brave Ads, introduces a gamified and rewarding experience for Astar zkEVM users, marking a significant milestone in Web3 adoption.

Digital Assets

Crypto ETFs to debut in Hong Kong next week

Hong Kong has authorized six cryptocurrency-based spot ETFs set to launch on April 30, according to Bloomberg.

blockdag

BlockDAG Among The Best New Crypto To Invest In Post 8 Billion Coins Sales; More On Bitcoin Cash Futures’ Launch & Solana Positive Predictions

Explore Solana’s ATH predictions to see whether it can rise after a $17B dip? BlockDAG sells 8 billion coins in presale as Bitcoin Cash Futures launch.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary:USD, FED, German IFO ,Gold April 24 ,2024

Mixed US economic data and Fed rate hike uncertainty are causing volatility in the EUR/USD pair, while the Eurozone and gold prices add another layer of complexity.

Market News, Tech and Fundamental, Technical Analysis

EURCHF Technical Analysis Report 24 April, 2024

EURCHF currency pair can be expected to rise further toward the next major resistance level 0.9840, which stopped the pervious waves C and B, as can be seen below.

Digital Assets

Binance’s CZ could stay in prison until 2027, wife begs for mercy

Changpeng “CZ” Zhao, the founder and former CEO of Binance, has apologized for his decisions and accepted “full responsibility” in a letter to U.S. District Judge Richard A. Jones.

Digital Assets

Monex Group expands crypto business with 3iQ takeover

Monex Group has completed the acquisition of a majority stake in 3iQ Digital Holdings, Inc., a Canadian digital asset investment fund manager, as part of its strategy to expand its crypto business.

Education, Fintech, Inside View

How to Get Into Fintech: Best Tips to Succeed

The Fintech sector is experiencing significant growth, with fresh opportunities emerging rapidly.  Innovations such as machine learning and cryptocurrency are revolutionising finance, leading to a need for trained experts.

Digital Assets

FalconX launches Prime Connect on Deribit

“We are pleased to launch Prime Connect with Deribit and look forward to providing our full suite of prime services which allow institutions to confidently scale their digital assets portfolios while trading on exchanges.”

<