Glass Lewis advised Barclays (BARC.L) shareholders to vote against full boss compensation since its former finance head received long-term incentives when the business liquidated billions of pounds of assets in mistake.
In February, Barclays fined ex-CFO Tushar Morzaria and other senior executives 1 million pounds ($1.25 million) for the blunder, but Glass Lewis argued Morzaria was not punished enough.
The proxy adviser rejected Morzaria’s 2020 long-term incentives of 3 million pounds after deductions, 70% of the pot.
Glass Lewis noted ahead of Barclays’ annual shareholder meeting on May 3 that shareholders may have expected the committee to lower this award further to fully represent the financial and reputational cost of the risk and control issues during the time.
The British lender was fined $200 million last year for “staggering” faults that caused it to oversell $17.7 billion in structured products and restate 2021 financial reports.
From 2014 to April 2022, Morzaria was Barclays’ CFO.
Unreachable Barclays. Morzaria evaded Reuters.
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