View more on these topics

Barclays CEO Bob Diamond agrees to stricter bonus terms

Barclays chief executive Bob Diamond has agreed to a change in the terms of his £2.7m deferred bonus for 2011 following pressure from shareholders.

Earlier this month the Association of British Insurers issued an “amber top” alert to its members over Diamond’s £17.7m pay packet.

Investor group Pensions & Investment Research Group also advised its members to vote against the bank’s remuneration report.

Barclays says both Diamond (pictured) and the firm’s group finance director Chris Lucas have now agreed to subject their bonuses, which are awarded in shares and deferred for three years, to a further condition which means 50 per cent will not be paid out in full until Barclays return on equity exceeds its cost of equity.

In a statement, Barclays says: “Recognising the strength of opinion expressed by some shareholders and the executive directors’ confidence in the future performance of the bank, consistent with public commitments and shareholders’ expectations, Bob Diamond, chief executive and Chris Lucas, group finance director have volunteered to subject their 2011 bonus awards, which were awarded all in shares and fully deferred over three years, to a further condition.

“That condition is as follows: that one-half of their deferred bonus award that may vest in each year will not pay out until Barclays return on equity exceeds its cost of equity and, if that condition is not met, the potential pay out caught by it will be subject to lapse if it is not met within three years from the date of the award.

“It has been agreed to apply this further condition.”

Recommended

Allianz Global Investors to launch RDR-ready multi-asset funds

Allianz Global Investors is to launch a series of risk-rated, multi-asset funds. The funds will be actively managed and offer RDR-ready share classes. Allianz Global Investor managing director Nick Smith says: “There are two strong trends playing out in the UK retail market at the moment. Firstly, investors are increasingly looking for greater predictability in […]

Aviva Investors chief exec to step down

Aviva Investors chief executive Alain Dromer is leaving the company as part of a wider global restructure of the Aviva business. Aviva says its will recruiting a successor to Dromer (pictured) who will report to Aviva group chief finance officer Pat Regan. Regan will continue in his role as chief finance officer and will assume […]

Argonaut to appoint ex-Neptune sales team

Former Neptune head of strategic partnerships John Lester and his team are to join Argonaut, Money Marketing understands. Earlier this month, Neptune announced that Lester, alongside head of UK strategic partners Dennis Pellerito and junior sales support member Andrew Nickson would be leaving the firm to set up a new investment boutique. Money Marketing understands […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. After being responsible for the recent loss of a few thousand loyal barclays staff most of which our shareholders to help pay for this bonus I am not surprised.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com