Wednesday, May 22, 2024

Barclay’s directors cash-in big

The board of Directors of Barclays Bank, the country’s leading commercial bank, pocketed over P6 million as remuneration in the year 2014. Figures availed to Sunday Standard indicate that Barclays board chairman Rizwan Desai pocketed a whooping P946 250 for his role as an independent non-Executive Director. Barclays Managing Director, Reinette van der Merwe took home at least P2, 253 733 while Finance Director, Lipalesa Makepe pocketed P1, 741 833.

Another independent non-Executive Director, Lawrence Maika got paid P360 000, Kenneth Molosi P390 000 while Alfred Dube, another board member, got remunerated P322 500. The board of Barclays held eight meetings as scheduled during the year 2014.

One third of the Barclays board of Directors (rounded down) retires and offers themselves for re-election at every Annual General Meeting (AGM), such that every Director can stand for re-election at least every three years. The bank’s quorum consists of four Directors and the board meets at least quarterly.

The London based bank has maintained that despite the continued challenging macroeconomic conditions, coupled with margin compression due to a low interest rate regime, it delivered on its strategy and reported good growth in operating profits and earnings per share. The bank’s latest annual report (2014) indicates that the economic environment was stable with GDP growth estimated at 4.4 percent in 2014. However, the 2015 outlook remains positive as GDP is expected to continue growing, though at a slower pace.

“We achieved good results through consistent application of our strategy and also made significant progress in transforming the business to strengthen our future growth potential,” said Barclays Bank Chairman Rizwan Desai in the bank’s financial report. Managing Director (MD) Reinette van der Merwe noted that the bank’s customers and clients are becoming more sophisticated as evidenced by complex transactions that the bank facilitated for those who were expanding their businesses into the region. As such, she said, Barclays’s business is also constantly evolving to adapt to changes in client and customer behaviour, technology, regulation and the competitive landscape.

“Our ability to support customers and clients hinges on our ability to reach them through channels that are most convenient and useful to them,” said van der Merwe.


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