UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13A-16 OR 15D-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
November 01,
2021
Barclays
PLC
(Name
of Registrant)
1
Churchill Place
London
E14 5HP
England
(Address of
Principal Executive Office)
Indicate by check
mark whether the registrant files or will file annual
reports
under
cover of Form 20-F or Form 40-F.
Form
20-F x Form 40-F
Indicate by check
mark whether the registrant by furnishing the
information
contained in this
Form is also thereby furnishing the information to the
Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No
x
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b):
This
Report on Form 6-K is filed by Barclays PLC.
This
Report comprises:
Information given
to The London Stock Exchange and furnished pursuant to
General
Instruction B to the General Instructions to Form 6-K.
EXHIBIT
INDEX
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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BARCLAYS
PLC
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(Registrant)
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Date:
November 01, 2021
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By: /s/
Garth Wright
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Garth
Wright
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Assistant
Secretary
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This
announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) No 596/2014 (as it
forms part of Retained EU Law as defined in the European Union
(Withdrawal) Act 2018).
1
November 2021
Barclays PLC
Barclays Bank PLC (together "Barclays")
Board changes
Barclays
and Mr Jes Staley, Group Chief Executive, were made aware on Friday
evening of the preliminary conclusions from the FCA and the PRA of
their investigation into Mr Staley's characterisation to Barclays
of his relationship with the late Mr Jeffrey Epstein and the
subsequent description of that relationship in Barclays' response
to the FCA. In view of those conclusions, and Mr Staley's intention
to contest them, the Board and Mr Staley have agreed that he will
step down from his role as Group Chief Executive and as a director
of Barclays. It should be noted that the investigation makes no
findings that Mr Staley saw, or was aware of, any of Mr Epstein's
alleged crimes, which was the central question underpinning
Barclays' support for Mr Staley following the arrest of Mr Epstein
in the summer of 2019.
The
Board is disappointed at this outcome. Mr Staley has run the
Barclays Group successfully since December 2015 with real
commitment and skill. Supported by the senior team which he largely
helped build and on whom the Barclays Group will be relying for the
future, Mr Staley clarified the Barclays Group's strategy,
transformed its operations and materially improved its results. The
regulatory process still has to run its full course and it is not
appropriate for Barclays to comment further on the preliminary
conclusions.
With
effect from 1 November 2021, Mr C.S. Venkatakrishnan (known as
Venkat) will take over as Group Chief Executive, subject to
regulatory approval, and as a director of Barclays. The Board has
had succession planning in hand for some time, including reviewing
potential external appointees, and identified Venkat as its
preferred candidate for this role over a year ago, as a result of
which he moved from the position of Group Chief Risk Officer to
Head of Global Markets. The Board has long been confident in
Venkat's capabilities to run the Barclays Group and is delighted to
have such a strong internal candidate. The Board is confident that
Barclays under his leadership will continue its strategic direction
and improve performance in line with the progress of recent
years.
C.S. Venkatakrishnan's experience
Prior
to his appointment as Group Chief Executive, Venkat served as Head
of Global Markets and Co-President of Barclays Bank PLC from
October 2020 and Group Chief Risk Officer from 2016 to 2020. Prior
to joining Barclays in 2016, he worked at JP Morgan Chase from
1994, holding senior roles in Asset Management where he was Chief
Investment Officer in Global Fixed Income, as well as in Investment
Banking, and in Risk.
Venkat
holds S.B., S.M. and Ph.D. degrees from the Massachusetts Institute
of Technology.
Key compensation arrangements for Jes Staley
The
Barclays Board Remuneration Committee (the "Committee") has
determined that the following terms will relate to Mr Staley's
departure as Group Chief Executive, which are consistent with the
Directors' Remuneration Policy approved by shareholders on 7 May
2020 (the "DRP") and Mr Staley's contract of
employment.
Mr
Staley is entitled to 12 months' notice from Barclays under his
contract of employment and will therefore continue to receive his
current fixed pay (£2.4m per annum delivered in cash and Barclays
shares), pension allowance (£120,000 per annum) and other benefits
until 31 October 2022.
In
accordance with the DRP, Mr Staley will be eligible to receive
repatriation costs to the US.
No
decisions have yet been made in respect of any further remuneration
payments to be made to Mr Staley. In accordance with section
430(2B) of the Companies Act 2006, particulars of any such
decisions will be made at such time as, and to the extent that, any
such decisions are made.
Key compensation arrangements for C.S. Venkatakrishnan
Venkat's
compensation arrangements will reflect his role and
responsibilities and are made in accordance with the
DRP.
On
appointment, Venkat will receive fixed pay of £2.7m, delivered 50%
in cash (paid monthly) and 50% delivered in Barclays shares. The
shares will be delivered quarterly and will be subject to a holding
period with restrictions lifting over 5 years. Venkat will also
receive a cash payment in lieu of pension of £135,000 per
annum.
Venkat
will receive standard benefits including medical cover and life
assurance.
On
an annual basis, Venkat will be eligible to be considered for a
discretionary incentive award up to a maximum value of 93% of fixed
pay (or such other maximum value as may be set out in any Barclays
Directors' Remuneration Policy approved by shareholders and as
applicable from time to time). For 2021, Venkat will be eligible to
receive a discretionary incentive award for his pro rata
performance as Head of Global Markets and Co-President of Barclays
Bank PLC prior to appointment and a discretionary incentive award
for his pro rata performance as Group Chief Executive following
appointment (the latter being subject to the maximum value set out
above).
Venkat
will be eligible to be considered for the grant of an award under
the Barclays Long Term Incentive Plan with a total maximum market
value in any one year of 140% of fixed pay at the date of grant (or
such other maximum value as may be set out in any Barclays
Directors' Remuneration Policy approved by shareholders and as
applicable from time to time).
In
setting the remuneration for Venkat, the Committee, comprised of
independent Non-Executive Directors, noted both that this places
him appropriately against our peer group of UK and European banks
(as set out in the DRP) and that this would result in a reduction
in Venkat's current fixed pay.
There
are no other disclosures required under Listing Rule 9.6.13R in
relation to Venkat's appointment.
-
ENDS -
For
further information, please contact:
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Investor
Relations
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Media
Relations
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Chris
Manners
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Tom
Hoskin / Jon Tracey
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+44
(0) 20 7116 4755
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About Barclays
Barclays
is a British universal bank. We are diversified by business, by
different types of customer and client, and geography. Our
businesses include consumer banking and payments operations around
the world, as well as a top-tier, full service, global corporate
and investment bank, all of which are supported by our service
company which provides technology, operations and functional
services across the Group. For further information about Barclays,
please visit our website home.barclays.
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