Investors let rip at Barclays Africa payouts
Dissenting voices at annual general meeting vote against the way banking group rewards executives
Disgruntled shareholders, including Old Mutual and Allan Gray, voted overwhelmingly against Barclays Africa’s pay policy on Tuesday. The asset managers say the policy is opaque and does not clearly link executive pay with shareholder value-creation. At the bank’s first annual general meeting since the Barclays plc sell-down, investors holding nearly half of the shares represented voted against the way in which the bank implements its remuneration policy. In terms of the King IV code on corporate governance and JSE listings requirements, companies must subject their remuneration policies, as well as reports detailing the implementation of those policies, to two separate shareholder votes. Tuesday’s vote, although nonbinding, is the first clear indication of how Barclays Africa’s minority shareholders feel about the way the group rewards its executives. At the 2017 annual general meeting, Barclays plc still held 50.1% of the voting rights. This has since been reduced to 14.9%, underli...
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