Barclays is considering a significant pay overhaul for its CEO, CS Venkatakrishnan, allowing his maximum pay to rise to £14.3 million despite a cut in fixed salary to £1.59 million. The plan, pushed partly by a shift in UK regulations that removed the EU’s bonus cap, aims to link bonuses more closely to performance. Barclays is engaging with major shareholders before detailing these changes in its upcoming annual report, reflecting a broader trend in the banking sector towards performance-driven pay structures.
If approved, CS Venkatakrishnan's maximum pay could rise by 45% to £14.3 million, changing his fixed salary to £1.59 million, reflecting a shift toward performance-related bonuses.
The proposed overhaul of executive pay at Barclays aims to align variable compensation more closely with performance, while still allowing for higher maximum rewards.
UK regulators lifted the EU’s bonus cap to enhance the City’s competitiveness post-Brexit, allowing Barclays to pioneer new compensation structures for its top executives.
A representative highlighted the remuneration committee's commitment to regularly consult stakeholders, ensuring any policy changes will emphasize rewarding sustainable performance aligned with shareholder interests.
#barclays #executive-compensation #cs-venkatakrishnan #uk-banking-regulations #performance-based-pay
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