The FT reports that Barclays have announced the appointment of Hector Sants to their executive board as a measure to ward off evil from bureaucrats;
“The package will make the former chief executive of the Financial Services Authority, who is set to become Barclays’ head of compliance and government relations at the end of January, one of the 10 best-paid executives at the UK lender.”
I applaud Barclays on having the honesty to put ‘government relations’ in Hector’s job title! Much more brazen than the sort of shady nomination that Tony Blair got as a “senior advisor” at JPMorgan. Barclays are going out and calling a spade a spade.
More interestingly Hector has a pay package to the tune of up to £3m including LTIP bonuses. Bizarrely Barclays make the following statement;
“Barclays would not comment on the figures, but pointed out that executives’ LTIPs had paid out at only 37 per cent of the maximum over the past five years.”
This does try to diffuse the pay debate but it rather insinuates that present management are incompetent at meeting their goals?