LONDON (Reuters) – Sherborne Investors (L:) said on Thursday it would withhold its vote against Barclays (L:) Chief Executive Jes Staley in the lender’s upcoming general meeting, to prevent fresh boardroom turmoil as the bank grapples with the fallout from COVID 19.
The rebel shareholder said it still believed Staley “to be unsuitable to continue” as a director of the bank but it had chosen “with great reluctance” not to vote against him in recognition of the “complexity of the management situation” presented by the pandemic.
Sherborne, which controls a 5.45% stake in the bank and is its third-largest investor, also called on the board to announce an orderly succession timetable for Staley.
It said ongoing regulatory probes into his relationship with U.S. financier Jeffrey Epstein and historic misdeeds including the attempted unveiling of a whistleblower had tainted Barclays by association.
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