Barclays’ support for Staley was questionable, says adviser group
Barclays support for Jes Staley because of his ties to Jeffery Epstein was questionable, adviser group says
Barclays’ support of Jes Staley, despite his ties to pedophile Jeffrey Epstein, raises questions about the board’s judgment, according to a leading shareholder advisory body.
Institutional Shareholder Services (ISS) said the bank’s governance would come under scrutiny for its support of the former CEO, given the “troubling nature” of the charges against Epstein.
However, it stopped calling for investors to riot at next month’s AGM.
Epstein was a client of Staley’s when the latter was a senior executive at US bank JP Morgan.
Questions: Institutional Shareholder Services said bank governance would come under scrutiny for backing former CEO Staley (pictured)
The disgraced financier was found dead in 2019 awaiting trial for abuse and human trafficking. By then, Staley had become the boss of Barclays.
The bank backed him in 2020 after city regulators launched an investigation saying he “retains the full confidence of the board.”
But Staley dropped out in 2021 following preliminary regulators’ findings, though Barclays said it was “disappointed with this outcome.”
He has since been named in a series of lawsuits over Epstein’s conduct.
ISS said ahead of the meeting, “The decision to support Staley between Epstein’s death and Staley’s resignation will be subject to scrutiny.”
The group said there were “questions about the judgment exercised.”