Barclays UK chairman Sir Ian Cheshire to reduce board commitments amid shareholder pressure ahead of AGM

William Turvill
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Sir Ian Cheshire also holds positions at Debenhams and Whitbread (Source: Getty)

Barclays UK chairman Sir Ian Cheshire is to reduce the number of boards he sits on amid investor unrest.

Shareholder advisory groups have raised concerns over Cheshire and chief executive Jes Staley.

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Glass Lewis has advised investors to vote against the re-election of Cheshire, suggesting he may be 'over-boarded'.

Institutional Shareholder Services (ISS) recommended that shareholders vote for Cheshire, but noted that his position was “not without concern” because of his “significant external time commitments”. A note said: “This situation will be reviewed ahead of the next AGM.”

As well as Barclays, he holds positions at Debenhams and Whitbread among other companies.

Barclays announced the appointment of Cheshire as chairman of Barclays UK, its ringfenced British operations, in February.

Ahead of its AGM on 10 May, Barclays issued a statement today saying:

In response to queries from some shareholders regarding the time commitments of Sir Ian Cheshire, Barclays confirms that plans are in place for Sir Ian to reduce the number of other directorships held.

Sir Ian was appointed to the board of Barclays on 3 April 2017 and has committed to Barclays and its regulators that he will reduce his other directorships by September 2017.

ISS has told investors to abstain from backing the re-election of Staley, who is being investigated over attempts to identify a whistleblower.

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