Barclays PLC Director effectiveness assessment (8370C)
February 13 2020 - 2:01AM
UK Regulatory
TIDMBARC TIDM96ES
RNS Number : 8370C
Barclays PLC
13 February 2020
13 February 2020
Barclays PLC
Barclays Bank PLC
Director effectiveness assessment: disclosure of regulatory
investigation
In accordance with the UK Corporate Governance Code, all of the
current Directors of Barclays PLC will be submitting themselves for
election or re-election at the Annual General Meeting to be held on
7 May 2020, and will be unanimously recommended by the Board for
election or re-election as appropriate. Further information in this
regard will be set out in the Notice of Meeting which will be
published in due course.
In deciding whether to recommend Jes Staley for re-election, the
Board has carried out its usual formal and rigorous performance
assessment, which it does in respect of the effectiveness of each
of the Directors. As part of its determination in respect of Mr.
Staley, the Board has had regard to media reports in the past 6
months that have highlighted historical links between Mr. Staley
and Jeffrey Epstein.
As has been widely reported, earlier in his career Mr. Staley
developed a professional relationship with Mr. Epstein. In the
summer of 2019, in light of the renewed media interest in the
relationship, Mr. Staley volunteered and gave to certain
executives, and the Chairman, an explanation of his relationship
with Mr. Epstein. Mr. Staley also confirmed to the Board that he
has had no contact whatsoever with Mr. Epstein at any time since
taking up his role as Barclays Group CEO in December 2015.
The relationship between Mr. Staley and Mr. Epstein was the
subject of an enquiry from the Financial Conduct Authority ("FCA"),
to which the Company responded. The FCA and the Prudential
Regulation Authority subsequently commenced an investigation, which
is ongoing, into Mr. Staley's characterisation to the Company of
his relationship with Mr. Epstein and the subsequent description of
that relationship in the Company's response to the FCA.
Based on a review, conducted with the support of external
counsel, of the information available to us and representations
made by Mr. Staley, the Board (the Executive Directors having been
recused) believes that Mr. Staley has been sufficiently transparent
with the Company as regards the nature and extent of his
relationship with Mr. Epstein. Accordingly, Mr. Staley retains the
full confidence of the Board, and is being unanimously recommended
for re-election at the Annual General Meeting.
The Board will continue to cooperate fully with the regulatory
investigation, and will provide a further update as and when it is
appropriate to do so.
- ENDS -
For further information, please contact:
Investor Relations Media Relations
Adam Strachan Tom Hoskin
+1 212 526 8442 +44 (0) 20 7116 4755
James Johnson
+44 (0)20 7116 7233
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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