Barclays shareholders should vote against the re-election of the bank’s compensation committee chairman John Sunderland and oppose its pay awards, the U.K.’s Local Authority and Pension Fund Forum said.
'This is a debate about the scale of bonuses at Barclays investment bank given the awful performance of the investment bank', Kieran Quinn, chairman of the LAPFF, which advises local government funds with about $207bn of assets, said in a statement. 'In the year that shareholders had to put in $9.6bn by way of rights issue, most of that has left the bank in bonuses'.
Bloomberg reports that Sunderland, 68, served on the board when Robert Diamond became chief executive officer as Barclays expanded its investment bank, the LAPFF said. Barclays paid 2013 bonuses valued at three times its dividend, compared with competitor HSBC whose dividend was two-and-a-half times bonuses, it said. Shareholders are scheduled to vote at the annual meeting on April 24 in London.
Antony Jenkins, 52, who replaced Diamond as CEO in 2012, is struggling to rein in pay and boost profits to help restore investor confidence after the lender was fined for manipulating interest rates.
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