Barclays unveils further changes to remuneration of Jes Staley and Tushar Morzaria
Mr Staley and Mr Morzaria have requested that any increase to their Fixed Pay, as proposed in the 2020 Directors’ Remuneration Policy, be postponed until at least 2021.
Barclays PLC (LON:BARC) today provided an update regarding its executive director remuneration.
Barclays says that announces that Jes Staley and Tushar Morzaria have requested that any increase to their Fixed Pay, as proposed in the 2020 Directors’ Remuneration Policy, be postponed until at least 2021. The Board has confirmed that it will agree to this and, therefore, if the Policy is approved by shareholders, there will be no increases to Mr Staley or Mr Morzaria’s Fixed Pay until at least 2021.
As FinanceFeeds has reported, Barclays said on April 14, 2020, that the release of the first portion of Mr Staley and Mr Morzaria’s 2017 Long Term Incentive Plan (LTIP) awards, which were due to vest in June 2020, would be delayed. These awards will now vest on March 8, 2021, subject to the LTIP rules.
The reduction to Mr Staley and Mr Morzaria’s pension allowance proposed as part of the new policy will be implemented as originally intended.
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.