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Pension body accuses Barclays of "misleading shareholders".

M2 EQUITYBITES-March 10, 2015-Pension body accuses Barclays of "misleading shareholders"

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Sir John Sunderland the chair of the pay review committee at Barclays, a British provider of financial services provider, has been called on to resign by a pension body the LAPFF, the BBC reported on Monday.

The LAPFF, represents 64 public sector funds with combined assets of around GBP160bn, has accused the bank of "misleading shareholders" for saying prior to the 2014 annual general meeting (AGM) that Sunderland would step down from the role and Crawford Gillies would replace him, but 11 months later the LAPFF says that Sunderland is still in the role.

Barclays has claimed that there has been no breach of promise and Gillies is scheduled to succeed Sunderland on 23 April, with a spokesperson for Barclays adding "There has been no breach of 'promise' and nor has Barclays acted in a way which is contrary to any statement we have made."

Chair of LAPFF Kieran Quinn said that Sunderland's involvement in awarding "grossly excessive bonuses" combined with his support for former chief executive Bob Diamond, amongst other things, had been "disastrous for shareholder returns and the reputation of the bank".

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Publication:M2 EquityBites (EQB)
Geographic Code:4EUUK
Date:Mar 10, 2015
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