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Barclays exodus continues as remuneration chief quits

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26/07/2012
Alison Carnwath, the head of the Barclays remuneration committee that approved former CEO Bob Diamond’s £17m pay package earlier this year, has left the bank.

Carnwath said she could no longer devote sufficient time to her role at Barclays in a statement this afternoon. She has been a non-executive director at Barclays since August 2010.

Almost 27% of Barclays shareholders failed to support the bank’s executive pay package in April, with a further 4.6% abstaining.

A fifth of investors also voted against Carnwath’s re-election after she backed Diamond’s pay package.

Media reports later suggested Carnwath had unsuccessfully agitated for Diamond to forgo his bonus due to the bank’s struggles.

“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,” said Carnwath today.

Carnwath remains the chair of Land Securities and a director of Zurich Insurance Group and US truck firm Paccar.

Her resignation from Barclays’ board follows hot on the heels of the resignation of Barclays chairman Marcius Agius, CEO Diamond and COO Jerry del Missier following the bank’s £290m fine for attempted manipulation of LIBOR.

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