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02 Jul 2012
FORMER KPMG International chairman Sir Mike Rake is to preside over a "root and branch" audit of Barclays' business practices in the wake of the inter-bank lending rate-fixing scandal.
The review of the bank's "flawed" practices comes as it announced the resignation of its chairman, Marcus Agius.
Last week, Barclays was fined £290m for attempting to manipulate the Libor inter-bank lending rate – actions which the departing Aegis said had "dealt a devastating blow to Barclays' reputation".
Barclays' board has launched an audit of its business practices that will led by an independent third party reporting to Rake and a panel of non-executive directors.
The audit will include a review of past practices that have been revealed as flawed since the credit crisis started, and it will publish a public report of its findings and will produce a new, mandatory code of conduct.
Sir Mike, who joined Barclays as a non-exec in 2008 before serving as its senior independent director, has been appointed at deputy chairman and is a likely successor to Agius.
He is also chairman of BT.
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Visitor comments Add your comment
People practices need to be reviewed too
In the wake of this article, and Bob Diamond's resignation today, it's worth mentioning that business practices are strongly influenced by people practices - since it's people who have to carry them out. Regulation and governance are of course very important, but there always comes a time when the organisation has to look at how it rewards, motivates and leads its people. And whether BD and the Barclays board care to admit it or now, the culture there is entirely down to them - the decisions they have taken, what they have done, and the activities they have rewarded over the years.
Posted by: Jo Ayoubi, 03 Jul 2012 | 11:07