Barclays CEO and Chair Receive Backing from Norway Wealth Fund at AGM
Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), is backing the reappointment of Barclays’ CEO C.S. Venkatakrishnan and Chair Nigel Higgins to the British bank’s board. Additionally, NBIM supports Barclays’ proposed bonus policy change for material risk takers (MRTs), akin to its recent stance at HSBC.
The proposed bonus policy shift would grant Barclays and its subsidiaries full discretion over bonuses for MRTs following Britain’s abandonment of EU regulations that previously capped such payments. Barclays is set to convene its annual general meeting of shareholders on May 9.
Barclays’ share price has surged 32% year-to-date, outperforming the broader European banking sector after lagging behind competitors in recent years. The bank unveiled a three-year strategy in February to bolster its stock price, involving cost reductions and returning £10 billion ($12.54 billion) to shareholders following a period of management instability and disappointing financial results.
According to LSEG data, as of the end of 2023, NBIM held a 1.61% stake in Barclays valued at $477 million, positioning it as the bank’s seventh-largest shareholder. This move signals NBIM’s confidence in Barclays’ leadership and strategic direction amid ongoing industry challenges and opportunities.
Comment Template