Barclays AGM: Chief executive Jes Staley survives vote, but large proportion of shareholders abstain

 
William Turvill
Follow William
Yahoo Finance All Markets Summit
Jes Staley is under investigation by regulators for trying to identify a whistleblower (Source: Getty)

Barclays investors refused to throw their weight behind under-pressure chief executive Jes Staley today, as a large number abstained from voting on his re-appointment.

Some 97.12 per cent of shares cast in the AGM vote were in favour of Staley, with 2.82 per cent against.

Read more: "I made a mistake": Barclays boss kicks off AGM with shareholder apology

But just 62.6 per cent of Barclays’ shares were cast in the vote – some way below the 72 per cent cast on most other motions.

Meanwhile, Sir Ian Cheshire, who will chair the bank’s ringfenced UK operations, came under pressure, despite the lender announcing before the AGM that he would be reducing his commitments amid investor unrest.

Some 11.98 per cent of votes cast were against his appointment.

Read more: This bank boss has admitted there is more to Brexit talks than passporting

Staley was expected to have a rough ride at the AGM after the bank revealed last month he was under investigation for attempts to identify a whistleblower.

He began the AGM by issuing an apology to shareholders.

Institutional Shareholder Services (ISS) had recommended shareholders should abstain from voting on the reappointment of Staley.

There was no revolt on pay at Barclays. Out of the votes cast, 97.22 per cent were in favour of Barclays’ remuneration report and 97.91 per cent were for the bank’s pay policy.

Staley’s fixed pay for 2017 is £2.35m, with the opportunity for an annual bonus of up to £1.88m and a further £2.82m under a long-term incentive plan. On announcing the whistleblowing investigations, the board said it would be making a “very significant compensation adjustment… to Staley’s variable compensation award” this year.

Related articles