Compliance
Ex-Barclays' Diamond Waives All Further Bonuses, Share Awards
Bob Diamond, who has resigned as chief executive of Barclays over the LIBOR rigging scandal, will waive all of his unvested bonus awards and long-term incentive share awards in addition to his decision to give up any annual bonus this year.
Bob Diamond, who has resigned as chief executive of
Barclays
over the LIBOR rigging scandal, will waive all of his unvested
bonus awards and
long-term incentive share awards in addition to his decision to
give up any
annual bonus this year, the UK bank said.
As previously reported, Diamond, a native of the US, has
stepped
down as CEO following revelations that persons at the bank had
manipulated the
LIBOR and Euro LIBOR interbank rates. Barclays has paid a total
of £290 million
(around $449 million) in penalties exacted by US and UK
authorities. Other banks are
being investigated over the scandal, which has hit London’s
reputation as a financial centre.
“Mr Diamond has voluntarily offered to waive all of his
unvested deferred bonus awards and long term incentive share
awards. This is in
addition to his previous decision to forgo any consideration for
an annual
bonus this year. The board has accepted this offer, and all of Mr
Diamond’s
outstanding unvested deferred bonus awards and long-term
incentives will lapse,
with no compensation made in respect of the lapsed awards,”
Barclays said in a
statement today.
In line with his employment contract, Diamond will receive
up to 12 months’ salary, pension allowance and other benefits;
and he has
agreed to forgo his contractual entitlement to tax equalisation
going forward,
the bank said.
He will not receive any future bonus or incentive awards;
nor will he receive any further compensation payment in
connection with the
termination of his employment, it continued.
“Despite having no personal culpability, he recognises more
than anyone the negative attention that they have generated and
has taken
characteristically strong action to address that. These
circumstances do not
detract in any way from the tremendous legacy that Bob has left
at Barclays,
and his actions are clear indications of his commitment to the
institution to
which he has contributed so much,” Marcus Agius, Chairman, said.
