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