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Barclays proposes to revise the way he pays his CEO CS Venkatakrishnan in a decision that would reduce his fixed salary but would give him 9 million pounds sterling if the lender reaches his profitability targets.
The British Bank wrote to investors this week describing plans to change the way he pays Venkatakrishnan And the financial director of the Anna Cross group, according to a person familiar with the issue.
The changes, if they were approved, would see a fixed drop in Venkatakrishnan salary of 2.95 million pounds sterling to 1.59 million pounds sterling, but the former JPMorgan executive would become eligible for bonuses and purchase options of long -term actions of a value up to eight times his new salary, said the person.
They added that Venkatakrishnan, known as Venkat, would receive around 9 million pounds sterling if Barclays achieved its previously declared objective of a tangible equity return – a crucial measure of the profitability of banks – of 12% by 2026.
His maximum income would be capped at just over 14 million pounds sterling, but this amount would only be awarded if Barclays obtained a return to tangible equity of more than 14%, said the person.
Venkatakrishnan’s total remuneration reached 4.64 million pounds sterling for 2023, compared to 5.2 million pounds sterling a year earlier.
This decision, which was reported for the first time by Sky News, comes after Barclays last year First British lender at the root The banker’s bonus ceiling imposed by the EU, following the United Kingdom’s decision in 2023 to remove the limits of a post-Brexit boost in the city of London.
At the time, Barclays told staff that he would take place bonus For its older employees, so-called equipment risk takers, up to 10 times their fixed salary, while keeping the base base in the same way.
As part of the bonus, which was introduced through the EU in 2014 following the global financial crisis, the bonuses were capped at the basic salary twice.
Venkatakrishnan was a Rare vocal supporter Chancellor Rachel Reeves, who has frustrated many business leaders by increasing taxes by 40 billion pounds in the October budget and has so far fought to revive the economy of the decrease in the big -Bretagne.
Speaking on Tuesday at the Davos World Economic Forum, Venkatakrishnan said that there was “a lot to be optimistic in the United Kingdom”, including its financial sector. Reeves also attended the forum in order to court business leaders and foreign investors.
Barclays said that its remuneration committee “responds to stakeholders throughout the year to collect comments on our remuneration policy”.
“Whether or not the committee chooses to propose a change in the current remuneration policy of our administrators in 2025, the policy will continue to focus on the award of sustainable performance and to close the alignment with the interests of shareholders.
“The Committee will publish its opinions and decisions in the 2024 annual report on February 13.”