It’s difficult not to feel a little cynical about the engagement process the Barclays Africa board is going to have with shareholders on the issue of its remuneration policy. At the annual general meeting held on Tuesday, chairwoman of the board Wendy Lucas-Bull told shareholders she and remuneration committee chairman Paul O’ Flaherty were committed to engaging with shareholders "and will get back to them on a series of matters that have been raised". Shareholders holding 47.4% voted against the remuneration implementation report and nearly one-quarter voted against the remuneration policy, so that must be the core matter. Lucas-Bull’s commitment suggests shareholder concerns about the bank’s remuneration policy is something new. It’s anything but. While majority-owned by Barclays UK, the local executives were able to shelter behind the much greater tolerance of remuneration excess in that part of the world. Now that shelter has been removed and so we’re all reminded of what a long...
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