Published: Wed, May 10, 2017
Business | By Max Garcia

Barclays boss set for shareholder grilling at AGM

Barclays boss set for shareholder grilling at AGM

Barclays chief executive Jes Staley has apologised for breaking rules created to protect whistleblowers as he faces shareholder pressure amid concerns over his conduct.

Staley is being investigated by the Financial Conduct Authority and the Prudential Regulation Authority after he referred himself to the regulators following his attempts to uncover a whistleblower.

Staley faces a re-election vote and a vote on his remuneration at the general meeting, with at least one proxy adviser recommending investors abstain from voting on the re-election resolution.

Institutional Shareholder Services (ISS), an influential shareholder advisory group, has told investors to refrain from a vote.

Despite this, some investors have said they will not support his re-election.

Those who are members of the group hold around a quarter of the bank's shares.

The controversy could yet cost Mr Staley his job.

Barclays last month said it had reprimanded Staley and would cut his bonus after he twice attempted to identify the author of a letter that revealed "concerns of a personal nature" about an unnamed senior employee.

The affair came to light in April when the bank said the matter is under investigation by regulators, after its board notified authorities.

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