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Barclays Plans to Freeze CEO Staley's Pay
[Photo: Bloomberg News]
Barclays is proposing to freeze its chief executive's maximum pay package - salary and incentives - for the next 3 years in an effort avert further showdowns with investors over executive remuneration. The bank endured a series of ugly revolts at annual shareholder meetings during the tenures of former CEO’s, Bob Diamond and Antony Jenkins.
Last year, Mr Staley joined Barclays on a deal which saw him receive a base salary of £1.2m, a role-based payment of £1.15m and pension contribution of almost £400,000. He’s also eligible for an annual bonus award of more than £2m and a long-term share award worth a maximum of just over £3m. All told, Staley stands to earn up to £8.2m.
One investor said that Barclays' proposals were "sensible" given the move announced last year to halve the bank's dividend for last year and maintain the lower shareholder payout in 2017.
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