Barclays PLC Decision Notice issued by RDC regarding former CEO (9207P)
12 Outubro 2023 - 6:37AM
UK Regulatory
TIDMBARC TIDM33JE
RNS Number : 9207P
Barclays PLC
12 October 2023
12 October 2023
Barclays PLC
and
Barclays Bank PLC
(together "Barclays")
Findings of the Regulatory Decisions Committee
The Financial Conduct Authority (the "FCA") has today published
a Decision Notice issued by the Regulatory Decisions Committee
("RDC") relating to Barclays' former CEO, Jes Staley.
The Decision Notice finds that Mr Staley acted recklessly in
approving a letter dated 8 October 2019 from Barclays to the FCA
regarding his relationship with Jeffrey Epstein (which the RDC
concluded was misleading) and, by doing so, that he breached
Individual Conduct Rule 1 (acting with integrity), Individual
Conduct Rule 3 (being open and cooperative with regulators) and
Senior Management Conduct Rule 4 (disclosing appropriately
information of which the FCA or PRA would reasonably expect
notice).
Mr Staley has decided to refer the Decision Notice to the Upper
Tribunal for reconsideration.
Remuneration decisions in respect of Jes Staley
As previously disclosed, the Remuneration Committee of the Board
of Barclays PLC (the "Remuneration Committee") exercised its
discretion to suspend all of Mr Staley's deferred bonus and LTIP
awards pending further developments in respect of the regulatory
and legal proceedings related to the FCA and PRA investigation
regarding Mr Staley.
Following consideration of the detailed findings in the Decision
Notice and the information referred to in it, the Remuneration
Committee has concluded that Mr Staley should be ineligible for or
forfeit a number of awards, as follows:
-- his bonus award in respect of the 2021 performance year.
-- his unvested LTIP awards that were still subject to
performance conditions, with a face value of GBP14.3m, and other
unvested LTIP awards for which the performance conditions had
already been assessed, with a face value of GBP1.4m.
-- his other unvested deferred bonus awards from earlier years.
These awards had a face value of GBP2.1m, which was reduced to zero
through the application of 'malus'.
The total value of the lapsed LTIP awards and forfeited deferred
compensation awards was GBP17.8m.
Notes:
1. Barclays was not the subject of the FCA's investigation or
the proceedings before the RDC and there are no findings made
against it or any of its directors or employees in the Decision
Notice. Barclays cooperated fully with the regulatory
investigation.
2. All values are based on the mid-market closing share price on 10 October 2023.
- ENDS -
For further information, please contact:
Investor Relations Media Relations
Marina Shchukina Jon Tracey
+44 (0) 20 7116 2526 +44 (0) 20 7116 4755
About Barclays
Barclays is a British universal bank. We are diversified by
business, by different types of customer and client, and geography.
Our businesses include consumer banking and payments operations
around the world, as well as a top-tier, full service, global
corporate and investment bank, all of which are supported by our
service company which provides technology, operations and
functional services across the Group. For further information about
Barclays, please visit our website home.barclays .
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END
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October 12, 2023 05:37 ET (09:37 GMT)
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