Influencing their behavior
Over the last 15 months, we have had 11 private meetings with Barclays where our dialogue focused on the disconnect between pay and long-term performance. At the AGM, we voted against the remuneration report and the re-election of the chairman of the remuneration committee in line with our new policy. Both these resolutions received negative votes of 31.5% and 23.6% respectively. Following the AGM, both the CEO and Chairman were replaced.
We were involved in the selection process of both the new CEO and chairman. We continue to engage with the company on a range of issues, including: LIBOR litigation and helping Barclays change their remuneration and culture.