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Barclays pay chief Carnwath steps down from board

Source : REUTERS
Last Updated: Wed, Jul 25, 2012 14:40 hrs
A logo of Barclays bank is seen outside a branch in Altrincham

LONDON (Reuters) - The Barclays non-executive director responsible for former chief executive Bob Diamond's controversial 17 million pound pay package resigned for personal reasons on Wednesday.

The departure of City veteran Alison Carnwath, who headed the bank's remuneration committee, is a further blow to Barclays, which has already lost Diamond and Chief Operating Officer Jerry Del Missier in the fallout from the Libor interest-rate rigging scandal.

Carnwath was criticised by investors earlier this year for her role on the remuneration committees at Barclays and hedge fund Man Group , where shareholders revolted over pay plans for executives.

A fifth of Barclays' investors voted against her re-election after she backed Diamond's pay and almost one-third of Man Group shareholders failed to back her.

"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," Carnwath, a 20-year veteran of investment banking, said in a statement on Wednesday.

The 59-year-old is one of the highest-profile women in London's financial community. She is chairman of Land Securities and a director of Zurich Insurance Group and Paccar . She was also the first female director of J Henry Schroder Wagg & Co, the investment banking division of Schroders.

A Land Securities spokesman said: "We're very happy that she continues to be our chairman."

(Reporting by Matt Scuffham;Editing by Erica Billingham)




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