Barclays PLC Directorate and other Governance Changes (7040N)
September 26 2019 - 02:02AM
UK Regulatory
TIDMBARC TIDM96ES
RNS Number : 7040N
Barclays PLC
26 September 2019
26 September 2019
Barclays PLC
and
Barclays Bank PLC
Appointment of Non-Executive Directors and other governance
changes
Barclays PLC ("Barclays") has appointed Dawn Fitzpatrick and
Mohamed A. El-Erian as non-executive Directors. Ms Fitzpatrick
joined the Board effective 25 September 2019, and Dr. El-Erian will
join the Board on 1 January 2020.
Ms Fitzpatrick is currently Chief Investment Officer of Soros
Fund Management LLC (SFM) where she oversees approximately US$25bn
under management and the firm's day to day operations including
portfolio management, capital allocation and risk management. Prior
to joining SFM, Ms Fitzpatrick spent 25 years at UBS and its
predecessor organisations, most recently as Head of Investments for
UBS Asset Management, where she oversaw the management of
approximately $500bn of client capital, its Investment Solutions
team, and the O'Connor hedge fund business. She currently serves on
The New York Federal Reserve's Investor Advisory Committee on
Financial Markets and the Advisory Board and Investment Committee
of the Open Society Foundations' Economic Justice Program.
Mohamed A. El-Erian is chief economic adviser at Allianz, the
corporate parent of Pimco, where he served as chief executive and
co-chief investment officer (2007-2014), and President-elect of
Queens' College Cambridge. A columnist for Bloomberg View and a
contributing editor at the Financial Times, he previously chaired
President Obama's Global Development Council, was Deputy Director
at the International Monetary Fund, a Managing Director at Salomon
Smith Barney, and president and CEO of Harvard Management Company.
Dr. El-Erian has published widely on international economic and
finance topics. Having served on the boards of the US Treasury
Borrowing Advisory Committee, the International Center for Research
on Women, the Peterson Institute for International Economics, the
IMF's Committee of Eminent Persons and the New York Federal
Reserve's Investor Advisory Committee on Financial Markets, he is
currently a trustee of several non-profit boards, including the
National Bureau of Economic Research, is a Board member of Under
Armour, and has been chair of Microsoft's Investment Advisory Board
since 2007.
These appointments reflect Barclays' commitment to the
strengthening of its Board through the addition of further high
quality and highly respected individuals possessing a wide and deep
knowledge of the group's markets and businesses.
There is no additional information required to be disclosed in
relation to Ms Fitzpatrick or Dr. El-Erian pursuant to paragraph
LR9.6.13R of the Listing Rules of the Financial Conduct
Authority.
Changes to Board Committees and subsidiary Boards
The Barclays PLC Board is committed to maximizing the
effectiveness of the group's governance through simplification
wherever possible, avoiding duplication and ensuring that the most
critical issues are handled directly by the Barclays PLC Board.
These core objectives have led it to consolidate membership of the
board of its subsidiary Barclays Bank PLC with that of the main
Board, and to review its role in relation to the important matters
which had been the primary responsibility of the Reputation
Committee.
Therefore, to create a simpler, more efficient governance
structure the Board of Barclays Bank (BB) PLC has been
reconstituted with its membership drawn exclusively from the
Barclays PLC Board. Effective 25 September 2019, the composition of
the BB PLC Board is as follows: Nigel Higgins (Chairman), Jes
Staley, Tushar Morzaria, Mike Ashley, Tim Breedon, Mary Anne
Citrino, Dawn Fitzpatrick, Mary Francis, Matthew Lester, Diane
Schueneman. Mohamed A. El-Erian will join this Board when he joins
the Barclays PLC Board, on 1 January 2020. Given the nature of
their respective roles, neither Sir Ian Cheshire, the Chairman of
Barclays Bank UK PLC, nor Crawford Gillies, the Senior Independent
Director of Barclays PLC, have joined the Board of BB PLC.
In addition, the Barclays PLC Board has reviewed the
responsibilities of its Reputation Committee and has decided to
reallocate those responsibilities between the main Board and the
Risk Committee. The Board considers that culture, environmental
matters and oversight of the organisation's reputation should be
addressed by the full Board, rather than by a committee, and direct
responsibility for addressing these matters has therefore
transferred to the Board itself. Responsibility for the oversight
of the Compliance function, and for conduct risk has transferred to
the Risk Committee to allow a holistic view of financial and
non-financial risks. In consequence of these changes the Reputation
Committee has been disbanded.
The Board of Barclays Bank UK PLC remains unchanged.
ENDS
For further information, please contact:
Investor Relations Media Relations
Lisa Bartrip Tom Hoskin
+44 (0) 20 7773 0708 +44 (0) 20 7116 4755
About Barclays
Barclays is a transatlantic consumer and wholesale bank offering
products and services across personal, corporate and investment
banking, credit cards and wealth management, with a strong presence
in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking,
Barclays operates in over 40 countries and employs approximately
83,500 people. Barclays moves, lends, invests and protects money
for customers and clients worldwide.
For further information about Barclays, please visit our website
www.barclays.com
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END
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