Updated May 4th, 2024 at 13:31 IST
Norway Wealth Fund endorses Barclays CEO and chair ahead of AGM
NBIM will endorse Barclays' proposed change in bonus policy for material risk takers (MRTs), similar to its recent stance at rival bank HSBC.
Advertisement
Norway's sovereign wealth fund, valued at $1.6 trillion and among the world's largest investors, has announced its support for the reappointment of Barclays CEO CS Venkatakrishnan and Chair Nigel Higgins to the board of the British bank, according to a statement by Norges Bank Investment Management (NBIM) on Saturday.
NBIM will endorse Barclays' proposed change in bonus policy for material risk takers (MRTs), similar to its recent stance at rival bank HSBC. This proposed change, subject to shareholder approval, would grant Barclays and its subsidiaries full discretion over bonuses for MRTs, following the UK's departure from EU regulations that previously capped such payments.
Advertisement
The annual general meeting of Barclays shareholders is scheduled for May 9.
Barclays' shares have surged by 32 per cent year-to-date, outpacing the broader European banking sector, which has seen a 16 per cent increase. This marks a major turnaround for the bank, which had been trailing behind its competitors in recent years. In February, Barclays unveiled a three-year strategy aimed at revitalising its share price, including cost reduction measures and returning £10 billion ($12.54 billion) to shareholders, following a period of management instability and disappointing financial results.
Advertisement
As of the end of 2023, NBIM held a 1.61 per cent stake in Barclays, valued at $477 million, making it the bank's seventh-largest shareholder according to data from the London Stock Exchange.
(With Reuters inputs)
Advertisement
Published May 4th, 2024 at 13:31 IST