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Barclays replaces remuneration chief after bonus pool fallout

Barclays head of remuneration Sir John Sunderland has been released from his role at the bank and is set to be replaced by Crawford Gillies, according to reports.

The Times reports that Gillies, who also serves in non-executive directorships at Standard Life, Scottish Enterprise and Mitie Group, will join the Barclays board in a similar role and will oversee the bank’s remuneration committee.

According to the report, the decision comes on the back of fierce criticism from Barclays’ shareholders, who were left angered by the decision to increase the bank’s bonus pool by 10 per cent to £2.4bn despite a drop in profits.

The increase in bonus payments was announced in February, after the bank had reported a 32 per cent fall in underlying profits to £5.2bn. The drop in profits was blamed on heavy restructuring costs and a £2bn mis-selling compensation bill.

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