July 25, 2012
Alison Carnwath, the head of Barclays’ remuneration committee, has resigned from the bank’s board after facing criticism from shareholders over executive bonuses.
In a statement, Ms Carnwath said, “With regret I have concluded that I am no longer able to devote sufficient time to my role as a Director of Barclays given my other commitments. I would like to thank my colleagues on the Board for their support and I wish Barclays continuing success in the future.”
Ms Carnwath, 59, worked in investment banking and corporate finance for 20 years before becoming a non-executive chairman of several companies including Land Securities and Man Group.
Earlier this year, a third of Man Group shareholders failed to back Ms Carnwath’s re-election as a director amid significant concerns over the company’s direction and performance.
In May, the Wall Street Journal reported that Ms Carnwath argued against the award of the £2.7m bonus to Mr Diamond, but failed to persuade fellow board members, including chairman Marcus Agius, to back her view.
The board eventually agreed a compromise on Mr Diamond and finance director Chris Lucas’s annual bonuses, which meant they will only receive the full award if Barclays met certain equity targets.