Several of Barclays PLC’s top shareholders have raised concerns about the terms of Jes Staley’s departure, as the fallout from his abrupt resignation continues to spread.
The bank said in a Nov. 1 statement that its former chief executive officer would continue to receive his salary of 2.4 million pounds ($3.3 million), a 120,000 pound pension allowance and other benefits through October next year. The executive’s repatriation costs to the U.S. are also eligible to be covered.
Several shareholders have expressed their unease with those plans to the Investor Forum, a lobbying group that represents institutional investors in U.K.-listed companies, according to a person familiar with the matter. The complaints come as new CEO C.S. Venkatakrishnan prepares to meet with investors this month.
Spokespeople for Barclays and the Investor Forum, whose members include BlackRock and abrdn, declined to comment.
Staley stepped down earlier this month amid a regulatory probe into whether he mischaracterized his relationship with the financier and sex offender Jeffrey Epstein. A spokesperson for Staley has said that “he intends to contest the initial findings” of the Financial Conduct Authority and Prudential Regulatory Authority investigation.
That formal outcome of that probe is likely still months away, people familiar with the matter have said.
The Financial Times reported the news earlier.
