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TMCNet:  Barclays hires Crawford Gillies to head up its remuneration panel

[April 15, 2014]

Barclays hires Crawford Gillies to head up its remuneration panel

(City A.M. (UK) Via Acquire Media NewsEdge) BARCLAYS is set to hire City heavyweight Crawford Gillies to chair the board's remuneration committee in a move that could defuse a simmering row over bankers' pay.

The appointment of Gillies as a non-executive director is likely to be announced today, according to a Sky News report.

Gillies, who is already a director for Standard Life, Scottish Enterprise and Mitie Group, is tipped to take over as chair from Sir John Sunderland later this year.

News of his arrival may calm investors' anger over executive pay hikes - a contentious issue likely to be opposed at Barclays' annual meeting on 25 April.

Major Barclays investors were furious at Barclays' chief executive Antony Jenkins' decision to increase the bank's bonus pool despite a dip in pre-tax profits. Jenkins said it was necessary to stop a "death spiral" of defections.

Barclays declined to comment.

(c) 2014 City A.M.

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