BusinessCompany NewsInquest over Barrett role

Inquest over Barrett role

Banking giant Barclays is facing intense pressure from giants of the investment world over its decision to promote Matt Barrett from chief executive to chairman, writes David Rae.

Link: Barclays defies Higgs

The move, which demands a full explanation under the combined code on corporate governance, which comes in to force next month, has led the Association of British Insurers and the National Association of Pension Funds, to demand an explanation as soon as possible.

A spokesman for NAPF said: ‘We have been in touch with Barclays. We would expect them to have an explanation in mind, and wonder why we have to wait until next year to hear it.’

Diane Hay, chief executive of ProShare, told Accountancy Age that a written explanation to shareholders should be forthcoming.

Shareholder, Legal & General, has also expressed concern and said it was ‘awaiting an explanation’.

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