Ex-L&G chief Tim Breedon ups Barclays’ reforming credentials

Tim Wallace
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FORMER Legal & General boss Tim Breedon was yesterday appointed as a non-executive director of Barclays.

The first such appointment under new chairman Sir David Walker represents another attempt to restore the bank’s tarnished reputation, as Breedon has a reputation as a critic of excessive executive pay, and has publicly looked into ways to boost lending to small and medium sized firms.

Breedon stepped down as L&G chief executive in June after six years in the top job and ten years at the City giant.

He took an industry-wide view earlier this year when heading the government’s taskforce to boost finance options for businesses, which called for the creation of a new aggregation agency to bundle SME loans, and for the government to consider investing in markets for innovative products like mezzanine finance and peer-to-peer lending.

Breedon also clamped down on excessive pay in his time at L&G. In 2011, the group’s investment arm voted down 125 remuneration reports, again showing his credentials in the sphere of social responsibility and firmly reflecting the values Barclays is trying to adopt.

“I am delighted that Barclays has secured the services of Tim Breedon as a non-executive director,” said Walker. “He brings extensive knowledge and experience of financial services, regulation and customer focus to the Barclays boards.”