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Another Barclays director quits

Jul 25 2012 15:21 AFP

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London - Scandal-hit British bank Barclays on Wednesday said the head of its remuneration committee, Alison Carnwath, had resigned from the board with immediate effect for personal reasons.

"With regret I have concluded that I am no longer able to devote sufficient time to my role as a director of Barclays given my other commitments," Carnwath said in a statement issued by the company.

In April, more than a fifth of Barclays shareholders voted against Carnwath's re-election as chair of the remuneration committee amid mounting anger over former chief executive Bob Diamond's vast pay package.

Diamond resigned earlier this month after the London-listed bank was fined £290m ($451m) for the attempted manipulation the Libor and Euribor inter-bank interest rates between 2005 and 2009.

US-born Diamond, who had become a symbol of excessive pay in Britain, also gave up bonuses worth £20m following his resignation, although he will still receive a final pay-off of around £2m.

The rate-rigging scandal prompted the resignations of Barclays chairperson Marcus Agius and chief operating officer Jerry del Missier and sparked a fierce political debate over ethics in banking.

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absa  |  barclays  |  interest rates  |  banks

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